“Teaser rates” (also known as “introductory rates” and “promotional rates”) are just that: low annual percentage rates (APRs) that are used to entice people to apply for a certain credit card. Unfortunately, these rates may not last long.
Most teaser rates expire and revert to a higher rate after six to 12 months. Specific policies are set by a credit card issuer. As a result of the 2009 CARD Act, teaser rates must be in effect for at least six …
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 …
You cannot even have the refund amount direct deposited into any financial account. At the present time (2017), the IRS does not offer a direct deposit option for refunds on amended returns. In fact, there is no place on the form to designate a place for direct deposit.
In addition, only an original tax return can be electronically filed. You must file Form 1040X for an amended return on paper and mail it to the IRS.
The IRS will mail …
You are talking about an IPO (initial public offering). You should be able to get information (e.g., company research) from a stockbroker. Also, visit an online search engine (e.g., Bing or Google), type in the company name, and see what information you get. If there is an address or toll-free telephone number for the company’s “shareholder relations” department, call it. As for purchasing an IPO stock, you may or may not be able to buy shares directly from the company. …
Regulations exist to prevent people from transferring assets that could be used to pay their long-term care expenses. This eliminates, or at least postpones, the possibility of the government having to finance their long-term care through the Medicaid program. The look-back period for asset transfers with respect to an application for Medicaid is currently five years. Government officials can look at any gifts made as long as five years before the date that an application for assistance is made.
If …
The Federal Deposit Insurance Corporation (FDIC) guarantees that bank deposits up to $250,000 are safe. All of your single accounts at the same FDIC-insured bank are added together, and the total is insured for up to $250,000. For retirement savings accounts, the limit for FDIC insurance is also $250,000. All of your self-directed retirement savings accounts at the same insured bank are added together and the total is insured for up to $250,000.
This FDIC fact sheet explains the maximum …
A refund antipation loan or RAL is a method of receiving a Federal income tax refund sooner than it would come to the taxpayer from the IRS. Other common names for this type of transaction are: Fast Cash Refunds, Rapid Refunds, Express Money, and Instant Refunds.
All of these common names are misleading because they are not refunds; they are actually high interest loans.Taxpayers are paying high fees to borrow their own refund money. The IRS has become quite efficient …
Legislation went into effect July 1, 1999, requiring automatic termination of PMI when a homeowner has paid at least 20 percent of the home’s value for loans made after July 29, 1999. High-risk borrowers (such as those with poor credit histories and reduced documentation loans) may have to make PMI payments until they reach 50 percent equity. If you believe that you have reached the 20% home equity mark and your PMI payments have not been discontinued, speak to your …
Coverdell Education Savings Accounts (ESAs) were originally established in 1997 and called “Education IRAs.” They are investment trust accounts created to pay qualified education expenses, including primary, secondary, and postsecondary education, for a designated beneficiary. The beneficiary of the account must be under the age of 18 at the time of the contribution and the contributor’s income must meet specific annual income guidelines. Total ESA contributions per child under age 18 may not exceed $2,000 per year.
Income phaseouts apply …
Although most 401(k) plans offer loans of up to half your vested balance, this may not be a good idea. Plan loans usually charge the prime rate plus one or two percentage points. In addition, you lose all future compound interest on the lost earnings on money that was borrowed. If you quit your job or are laid off or fired, your loan may be due immediately at a time when you can least afford to pay it back.
If …
