Buying Treasuries directly from the government at no cost through the Treasury Direct program is a sensible approach for those who do not expect to sell before maturity. Visit TreasuryDirect.gov for details.
25 states are suing a Nevada company called Future Income Payments in what is likely a vain attempt to recover more than $100 million that was stolen from older investors. The company has been closed down and its owner (a former convicted felon) is
The Tax Cuts and Jobs Act (Tax Reform) did not eliminate this potential benefit. If both parents are working outside the home and they incur expenses for the care of children under the age of 13, then they can claim a tax credit (i.e., a reduction)
Federal and state tax is withheld on the assumption that the employee earns a full year’s income. If the employee is working part-time, then too much will be withheld, and the employee will have to request and wait for a refund.
According to the Government Accountability Office (a legislative branch government agency) there are 314 U.S. taxpayers with IRAs worth over $25 Million. You might recall that Mitt Romney is one of them.
The key is that the child must have earned (W-2-type) income. Many Newsletter readers employ their children in their practices (and to a lesser extent their grandchildren) because they appreciate the long-term growth potential in the tax-free Roth.
The rules on this are very technical so consult with your plan advisor if interested in withdrawing money before age 59-1/2. You do not want to qualify for the first three exceptions to the 10% penalty -- death or disability before age 59-1/2.
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