Financial Security for All Archives - Page 2 of 65

May 30, 2019March 23, 2021

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

Tax Cuts and Jobs Act Bill: The complete text of the bill (503 pages) can be found at http://docs.house.gov/billsthisweek/20171218/CRPT-115HRPT-%20466.pdf The large document also includes a summary of the agreement (560 pages).

Background Information: Land-Grant Universities

Congress Passes Sweeping New Tax Legislation (Iowa State University): https://www.calt.iastate.edu/blogpost/congress-passes-sweeping-new-tax-legislation

Background Information: Other

Here are

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May 30, 2019March 23, 2021

What Are the Minimum and Maximum Amounts That Can be Saved Each Year in an IRA?

Federal tax law limits 2017 contributions to a traditional and/or Roth IRA to $5,500 for a worker with earned income ($6,500 for those who are age 50 or older before the end of the year). An additional $5,500 can also be saved for a worker’s spouse, regardless of whether or not the spouse is employed. In addition, spouses who are age 50 or older can contribute an additional $1,000 ($6,500 total) for a total of $13,000 of contributions if both …

May 30, 2019March 23, 2021

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 …

May 30, 2019March 23, 2021

What Are the Income Restrictions to Qualify for a Deductible Traditional IRA?

People with earned income who are not in an employer-sponsored retirement plan, regardless of income level, may qualify for a tax deductible traditional IRA. Another group of taxpayers who can deduct a traditional IRA contribution in full are those with an employer-sponsored plan who have incomes in 2017 under $62,000 (single) and $99,000 (married couples filing jointly). The phase-out ranges (where contributions are limited in gradual steps as income increases) for singles and couples are $62,000 to $72,000 and $99,000 …

May 30, 2019March 23, 2021

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 …

May 30, 2019May 13, 2020

Monthly Investment Message: February 2017

Barbara O’Neill, Extension Specialist in Financial Resource Management

Rutgers Cooperative Extension

oneill@aesop.rutgers.edu

February 2017

Factors That Affect Investment Risk Tolerance

To help investors objectively assess their investment risk tolerance, Rutgers Cooperative Extension has an online Investment Risk Tolerance Quiz at www.rce.rutgers.edu/money/riskquiz

Developed by Dr. Ruth Lytton at Virginia Tech and Dr. John Grable at the University of Georgia, the quiz has 13 multiple choice questions and provides users with instant feedback about their capacity to handle investment risk.

The questions …

May 30, 2019May 13, 2020

What are Student Loan Borrowers Thinking? Insights from Focus Groups on College Selection and Student Loan Decision Making

Johnson, C. L., O’Neill, B., Worthy, S., Lown, J. M., Bowen, C. F. (2016). What are student loan borrowers thinking? Insights from focus groups on college selection and student loan decision making. Journal of Financial Counseling and Planning, 27(2), 184-198.

Brief Description: This study used data from online focus groups to understand college students’ decision-making process when borrowing money to finance their education. Respondents were asked eight questions regarding their college selection and student loan decision-making. Results suggest that (a) …

May 30, 2019March 23, 2021

When Can Someone Withdraw Money from a Roth IRA Without Owing Income Taxes?

You can withdraw money that you have contributed to a Roth IRA (i.e., your own money) at any time because the account was funded with after-tax dollars on which income taxes were already paid.

You can withdraw the earnings from a Roth IRA tax free in the following situations:

1. You have reached the age of 59½, and at least five years have passed since your Roth IRA account was opened. Earnings can be withdrawn tax-free beginning on the first …

May 30, 2019May 30, 2019

What is a Refund Anticipation Loan (RAL)?

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 …