For most Americans, the Roth Individual Retirement Account is an excellent way to save for retirement.
Once the money is deposited into a Roth IRA, it can potentially grow tax-free for many decades. And when retirees eventually tap into these accounts, they won’t owe tax on the withdrawals.
Many parents worry that their children won’t qualify for financial aid, but that usually is not a problem.
Here is why you probably won’t need to fret about this:
One of the most attractive aspects of the Roth Individual Retirement Account is that you can take withdrawals tax-free. The more the Roth IRA grows over time, the better your eventual tax break.
Open a Roth IRA and match their contributions
If your child has a part-time job, one of the easiest ways for them to start saving is by opening a Roth IRA. Any earned income (e.g., wages, salary, tips) is eligible for contribution to a Roth IRA.
You might think it’s perfectly safe to pull money out of ATM machines, but thieves have other ideas.
Tax season is officially over, but the Internal Revenue Service may not be finished with you.
There is always the chance that the IRS will audit your returns.
If you’re in the mood for some spring cleaning, you might be wondering if you can safely get rid of the boxes of tax documents that are stacked up in your garage or basement.
To help answer that question, here are a few guidelines on what you should keep and what you can toss:
The nation’s most popular college savings plan is about to become even more so. The popularity of the 529 college savings plan is likely to increase because the new federal tax legislation expands the ways that the accounts may be used.