Author: personal-finance

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Impactful Financial Education: How Cooperative Extension is Making a Difference

Extension Pre-Conference |  2017 AFCPE Symposium

Agenda and Attachments

7:15 am      Registration and Continental Breakfast – Sponsored by NEFE

8:00 am      Welcome and Introductory Activity

Erica Tobe, PhD, Michigan State University Extension

Elizabeth Kiss, PhD, Kansas State University Research and Extension  

8:15 am      Evaluation from a National Program Leader Perspective

Toija Riggins, PhD, USDA NIFA

8:30 am      Evaluation from a State Administrator’s Perspective

Michael Gutter, PhD, University of Florida/IFAS   

8:45 am      Getting Extension on the Map: Common Indicators, Common Reporting

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Getting Extension on the Map: Common Indicators, Common Reporting

The recently released briefing paper, “Cooperative Extension’s Capacity to Demonstrate Impact in Financial Capability and Well-Being: A Briefing Paper,” is a result of almost two years of collaborative effort by Extension FRM professionals to share and document programmatic similarities across the states in an attempt to develop three programmatic tools: 1) a common logic model, 2) a list of program outputs and outcome indicators, and 3) a crosswalk of NIFA indicators to programmatic indicators provided by participants.

It …

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Tax Cuts and Jobs Act Resources

Image of the US individual income tax return form - form 1040

The Financial Security for All Community of Practice has compiled the following list of informational resources related to the Tax Cuts and Jobs Act:

 Tax Cuts and Jobs Act Legislation

Background Information: Land-Grant Universities

Background Information: Other 

  • Here are
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Monthly Investment Message: February 2018

Barbara O’Neill, Extension Specialist in Financial Resource Management

Rutgers Cooperative Extension

oneill@aesop.rutgers.edu

February 2018

A Hierarchy of Financial Decisions

Health Savings Accounts (HSAs) are an account that people can set up to pay for unreimbursed medical expenses such as deductibles, co-payments, and services not covered by insurance. Eligible individuals can establish and fund these accounts only when they have a qualifying high-deductible health plan (HDHP). HSA money gets deposited tax-free, grows tax-free, and comes out tax-free, if used according to …

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Monthly Investment Message: March 2018

Barbara O’Neill, Extension Specialist in Financial Resource Management

Rutgers Cooperative Extension

oneill@aesop.rutgers.edu

March 2018

Factors That Promote Financial Success

During the last year, I had the opportunity to hear several well-known personal finance speakers talk about the characteristics and practices of financially successful people. Audiences are usually very interested in this topic because it provides a motivational roadmap and specific tips to follow.

 

At the 2017 Financial Planning Association (FPA) conference, the final general session speaker was financial author and …

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How Much of Someone’s Social Security Benefit is Taxed?

First, individual taxpayers or taxpaying married couples must add up their “modified adjusted gross income.” This is their taxable income, plus their tax-exempt income, plus half of their Social Security benefits. If this figure exceeds certain income levels, a portion of Social Security benefits is taxed.

Next, a worksheet is completed to determine the amount of Social Security benefits that is taxable. This worksheet can be found in the annual instructions package for tax forms available online in the “Forms …

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What is the Capital Gains Exclusion for the Sale of a House?

Single taxpayers can exclude up to $250,000 of capital gains on the sale of a home, and married taxpayers filing jointly can exclude $500,000.

Taxpayers are eligible for the exclusion if they have owned and used a home as their main home for a period aggregating at least two years out of the five years prior to its date of sale. The exclusion is allowed each time that you sell a primary residence but no more than once every two …

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How Long Do You Need to Work to Receive Social Security Retirement Benefits?

To qualify for Social Security retirement benefits, you must generally have “40 quarters of coverage.” This means that you must have been working for 10 years and earning at least the minimum income (adjusted annually for inflation) required to receive a quarter of coverage.

For example, in 2017, you can receive one quarter of coverage for each $1,300 of earnings, up to the maximum of four quarters of credit per year. Thus, the maximum amount of income needed to earn …

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Can You Make a Tax-Free 529 Plan Contribution Larger Than the Annual Gift Tax Exclusion?

Although the IRS typically allows people to gift no more than $14,000 a year (2017 figure) to another person without a federal gift tax, you can contribute up to $70,000 to a 529 plan in one year. A special tax law allows you to aggregate five years of the allowable $14,000 annual gift-tax exclusion (5 x $14,000 = $70,000) to jump-start a 529 plan.

While you will not be able to make any further gifts to the 529 plan for …

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Am I Locked Into an Investment Option for My 529 Plan?

In the early days of 529 plans, once you selected an investment option within a college savings plan, you could not change that option. Only new contributions could be invested in different investment options.

Under current rules, however, the IRS allows you to change your investment options in a college savings plan once every calendar year.

For more information, see http://www.sec.gov/investor/pubs/intro529.htm.

We would like your feedback on this Personal Finance Frequently Asked Question.…

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