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Older taxpayers can avoid a big bill at tax time or a penalty for underpaying taxes by having the government withhold taxes from their Social Security benefits.
See More On: Social Security
The new tax law still allows high earners to contribute indirectly to a Roth IRA. But the tax bill for doing so will depend partly on whether they have other money in a traditional IRA.
See More On: Roth IRAs | IRAs | Saving for Retirement
Distributions from a grandparent-owned 529 savings plan could reduce a grandchild's financial aid. But using one of these strategies can limit the impact.
See More On: 529 Plans | Paying for College | Student Loans
You could pay more in extra premiums than you receive from your insurer for the claim.
See More On: Auto Insurance | Family Finances
It's important to name a beneficiary on the account.
See More On: Estate Planning | Health Care & Insurance
Why it's never too early to start saving for retirement.
See More On: Roth IRAs | IRAs
If you haven't filed Form 8606 with the IRS to track your nondeductible IRA contributions over the years, it will take a bit of detective work.
See More On: IRAs | Saving for Retirement | Tax Planning
If you lost track of U.S. savings bonds purchased decades ago for you when you were a child, the Treasury Department can help you find them.
See More On: Saving Money | Banking | Family Finances
The maximum contribution families can make to health savings accounts for 2018 is $6,900, after the IRS reversed its March decision to lower the limit by $50.
See More On: Health Care & Insurance | Employee Benefits | Family Finances
Donating by transferring money directly from an IRA to charity can lower your tax bill whether you file an itemized tax return or not.
See More On: Tax Planning
Singles don't have to pay taxes on up to $250,000 in profits on the sale of their home, and couples can shelter twice that amount from taxes. But even if the gain is much higher, there are ways for home sellers to minimize the tax bite.
When searching for a 529 college-savings plan for a grandchild, first check whether your state offers a tax break for your contributions.
See More On: 529 Plans
The tax deadline is just days away, but you still have time to reduce your tax bill or help a young worker get a jump-start on saving for retirement if you contribute to these five tax-friendly accounts.
See More On: Tax Planning | Tax Breaks | Tax Prep & Filing
As much as 85% of your Social Security benefits could be taxable if you have other sources of income, such as earnings from work or withdrawals from tax-deferred retirement accounts.
See More On: Social Security | Tax Planning
Even if you have a qualified health insurance policy only for a few months out of the year, you can still make a tax-deductible contribution to a health savings account.
See More On: Health Care & Insurance
Many records are no longer needed three years after filing your tax return, but you may have to keep documents involving the purchase of a house or investments for years longer.
See More On: Tax Planning | Tax Prep & Filing
You can still recharacterize a Roth contribution and move the money to a traditional IRA.