Author - Jim Blankenship, CFP®, EA

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Forget to Take Your RMD?
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Exploring free tax filing
3
Debt Consolidation Loans Don’t Work (But You Might Get it to Work For You!)
4
Qualified Charitable Distributions Extended for 2014
5
Retirement vs College Saving in a Nutshell

Forget to Take Your RMD?

6629120915_556a318093_nIn case you forgot to take your required minimum distribution (RMD) for 2014 there’s still hope in order to avoid the 50% (yes, that’s FIFTY percent) penalty of the amount not withdrawn. If you missed taking the RMD for 2014 here’s what you can do. According to the IRS the penalty may be waived if you can establish that it was due to reasonable error that you didn’t take the RMD and that reasonable steps are being taken to remedy the error. That is, take the 2014 RMD right away (or as soon as you can let your custodian know)… Read More

Exploring free tax filing

free tax filingTax filing season is upon us! As you consider all of your options for filing your return this year, you might consider some of the exploring free tax filing for your return. Recently the IRS published their IRS Tax Tip 2015-06, which details information about two of the options for free tax filing that you might be able to take advantage of. The actual text of the Tip is below:  

Ten IRS Tips about Free Tax Preparation

Each year, millions of people have their taxes prepared for free. The IRS’s Volunteer Income Tax Assistance or and Tax Counseling for …

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Debt Consolidation Loans Don’t Work (But You Might Get it to Work For You!)

wallet-squeeze instead of debt consolidationYou’ve likely heard or seen the commercials that urge you to consolidate your debt into “one low payment”. The concept makes logical sense and promises to free up some cash so it is easier to live paycheck to paycheck. The reason this usually doesn’t work is that it doesn’t address the real problem. The reason we get into this mess is because we have not learned how to spend within our income. What we need is a method to manage and organize our money so we make conscious decisions about how we spend it. A good book that I’ve used …

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Qualified Charitable Distributions Extended for 2014

With the passage of the Taxpayer Tax Increase Prevention Act of 2014, the qualified charitable distribution (QCD) from your IRA is available through the end of the year under normal rules.  This means that you can, if you’re age 70½ or older, make direct distributions from your IRA to a qualified charity or charities, not counting the distribution as income and not itemizing the charitable contribution.

Post originally appeared as Qualified Charitable Distributions Extended for 2014 on Getting Your Financial Ducks In A Row

The post Qualified Charitable Distributions Extended for 2014 appeared first on Getting Your Financial Ducks In

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Retirement vs College Saving in a Nutshell

LockeEducation1693Those of us who are parents know this conflict very well – should we put aside money for retirement, or for college saving? It may come as a surprise, but a general rule of thumb with regard to this conflict is to put money aside for retirement first, and college second.

The reason behind this is that there are many ways to pay for college, such as grants, scholarships, work-study programs, student loans, parent loans, etc.. With this plethora of choices, it becomes clear that your student’s college funding needs can be met from quite a few angles, none of …

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