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personalfinance: Archive
Can I Get a Refund Even If I Don't Have Federal Taxes Withheld?
by Zacks Equity Research
Refundable tax credits allow individuals who haven't paid taxes during the year to still receive refunds. These credits help low-to-middle-income families by reducing their tax liability to zero and potentially providing a refund greater than the taxes paid.
personalfinance
How Long Do Banks Keep Records of Checking & Savings Accounts?
by Zacks Equity Research
Banks keep records of your checking and savings accounts for five years, covering transactions, identity information and suspicious activities. This period is crucial for dispute resolution, tax purposes and fraud prevention.
personalfinance
A Guide to Social Security Tax Withholding Refunds
by Zacks Equity Research
To effectively manage Social Security tax refunds, maintain detailed records of earnings and withholdings, verify the accuracy of W-2 forms and consult IRS guidelines if needed.
personalfinance
How to Roll Over a 401(k) After You've Left Your Job
by Zacks Equity Research
Rolling over your 401(k) after leaving a job involves choosing between keeping it with your old employer, moving it to a new employer's plan, or rolling it over into an IRA, each with distinct tax implications and benefits.
personalfinance
What Will My Spouse Get From a Retirement Plan in a Divorce?
by Zacks Equity Research
The division of retirement assets in a divorce depends on the type of retirement account, state laws, and any existing prenuptial agreements. The distinction between what was earned before and during the marriage is crucial, with the latter generally subject to division.
personalfinance
Can I Use a 403(b) Retirement for a Mortgage Down Payment?
by Zacks Equity Research
Your 403(b) can be the key to unlocking homeownership now. It provides the opportunity to borrow against your retirement savings, offering a way to fund your down payment without the usual tax drawbacks.
personalfinance
Can You Be Refused to Withdraw From Your 401(k)?
by Zacks Equity Research
Do you need to access your 401(k) before retirement? Tapping into your 401(k) before hitting 59 and a half years can lead to hefty taxes and a 10% penalty, but exceptions exist.
personalfinance
Unlock Retirement Bliss in Tax-Welcoming Pennsylvania
by Zacks Equity Research
Pennsylvania's lenient tax stance, compared to neighboring states with higher rates, makes it an attractive option for those looking to protect their family's financial future.
personalfinance
Who Is an IRA Transfer Custodian?
by Zacks Equity Research
IRA custodians are the gatekeepers of your retirement savings, approved by the IRS to hold and safeguard your investments. Understanding the responsibilities of IRA custodians and the intricacies of transfers and rollovers can ensure a rewarding retirement savings journey.
personalfinance
Does Claiming My Parents as Dependents Affect Their SSI or SS Benefits?
by Zacks Equity Research
Does supporting your parents financially mean their Social Security or SSI benefits get trimmed? While Social Security disability and retirement benefits are not means-tested, SSI does consider outside support when determining eligibility and benefit amounts.
personalfinance
What Happens If I File My Income Taxes but Forgot a W-2?
by Zacks Equity Research
If you forget to include a W-2 on your tax return, you can correct this by filing an amended return using Form 1040X. The IRS requires all income to be reported but offers a grace period to amend returns and minimize or avoid penalties for under-reported income.
personalfinance
What Does It Mean When the IRS Reviews Your Return?
by Zacks Equity Research
An IRS review doesn't necessarily mean there's a problem with your return. A notice is not a cause for immediate concern. It is just an indication that something needs to be verified.
personalfinance
Understanding Capital Gains Tax on Your Second Home Sale
by Zacks Equity Research
When selling a second home, capital gains are calculated by deducting the sale price from purchase and upgrades, but with no big IRS tax break. This could potentially make your sale's profit fully taxable, depending on specific circumstances.
personalfinance
What Does "Cafe 125" Mean on Your W-2 Tax Form?
by Zacks Equity Research
The next time you see Cafe 125 on your W-2, remember that it is more than just a quirky name. It's a key to unlocking tax savings and making informed benefits decisions.
personalfinance
What is Form 1099-R and Why Does It Matter in Retirement?
by Zacks Equity Research
Form 1099-R is an IRS document used to report distributions from retirement plans, annuities, profit-sharing plans, IRAs and insurance contracts.
personalfinance
How Should Married Couples Fill Out Their W-4 Forms?
by Zacks Equity Research
Updating your W-4 form after saying "I do" is a smart money move to make sure your taxes play nicely with your new marital status.
personalfinance
Federal Banking Rules on Withdrawing Large Sums of Cash
by Zacks Equity Research
The Bank Secrecy Act requires banks to report cash transactions over $10,000 to the FinCEN, with the aim of making it difficult for individuals to engage in money laundering, terrorism financing, tax evasion and other illicit activities.
personalfinance
How to Find Savings Bonds in Your Name
by Zacks Equity Research
To unearth forgotten savings bonds, initiate the journey with Form 1048, using every detail to track them down. Don't overlook the power of conversation with family members in uncovering these hidden gems.
personalfinance
How Much Can You Earn While Drawing Social Security Benefits?
by Zacks Equity Research
Blending work and Social Security requires an understanding of how earnings affect benefits, particularly in relation to your FRA. By navigating the rules wisely, you can maximize your benefits and enjoy a financially stable and rewarding retirement.
personalfinance
How Long Does It Take for Series EE Savings Bonds to Reach Face Value?
by Zacks Equity Research
With a guaranteed doubling in 20 years and the opportunity for continued growth up to 30 years, Series EE bonds represent a dependable component of a well-rounded investment portfolio.
personalfinance
Can Grandkids Get Survivor Benefits From Grandparents?
by Zacks Equity Research
For grandkids to qualify, their grandparents need to have a solid work history with Social Security, and the grandkids' biological parents must be out of the picture due to death or disability. Sometimes, adoption by the grandparent can play a pivotal role in eligibility.
personalfinance
A Guide to Secure Your Lottery Jackpot With Revocable Trusts
by Zacks Equity Research
Setting up a revocable trust outlines how your assets will be managed and distributed. It allows you to support your family, allocate funds for special purposes, or contribute to charitable causes, all within a flexible financial plan.
personalfinance
Mastering Form 1099-R: Your Key to Understanding Retirement Distributions
by Zacks Equity Research
Embark on a journey to decode Form 1099-R, a crucial IRS document for retirement. Learn its contents, filing criteria, and process. Navigate distributions confidently, from understanding codes to managing tax implications, empowering informed retirement planning for a secure future.
personalfinance