Personal Finance

The second bill, the Family Savings Act of 2018 (H.R. 6757), includes changes to retirement and education accounts and creates a new tax-deferred savings account. For starters, the measure would remove the age limit on individual retirement account contributions. Currently, IRA owners cannot make additional contributions beginning in the year they turn 70½. Roth IRAs,
0 Comments
Grandparents saving for their grandchildren’s education could especially benefit, Kantrowitz said. Currently, a parent’s 529 plan has a minimal impact on their child’s financial aid eligibility, whereas grandparents’ accounts can have a serious one. To work around that drawback, grandparents could now wait to use their 529 plans until their grandchildren are out of school
0 Comments
Among the other points you should know: under public service loan forgiveness, your debt is forgiven tax-free. Your private loans can’t be forgiven; only federal loans qualify for public service loan forgiveness. Kantrowitz said some people assume they’ll qualify for forgiveness after 10 years of payments. However, it’s not about how long you’ve been paying
0 Comments