Ask Kim

Kim Lankford answers your questions about managing money -- specifically, insurance and taxes -- twice a week.

March 24, 2017

How to File an Amended Return to Claim an Education Tax Break

The American Opportunity Credit is worth up to $2,500 per student for each of the first four years of college. If you missed taking the credit, you may still be able to claim it by filing an amended return.

See More On: Tax Breaks

March 22, 2017

How to Report a Tax-Free Transfer From an IRA to Charity

Your IRA administrator should have sent you a Form 1099-R, but you’ll also need to specify on your return that your distribution was a tax-free transfer to charity.

See More On: IRAs

March 17, 2017

When to Toss Tax Records

You can throw away most supporting tax records after three years. But keep your returns indefinitely.

See More On: Tax Planning

March 15, 2017

Meeting Your First RMD Deadline

If you turned 70½ last year, you had the option to delay your first required minimum distribution until April 1 of this year. Fair warning: That's a Saturday, so don't wait until the last minute.

See More On: Required Minimum Distributions (RMDs)

March 13, 2017

How to Make the Most of a Health Savings Account

Paired with a high-deductible health insurance policy, an HSA is a great way to save a tax-free stash of money for medical expenses. Most of the health care overhaul proposals in Congress would expand the use of HSAs.

See More On: Health Care & Insurance

March 8, 2017

Savings Accounts for Special-Needs Children

More states are introducing ABLE accounts, which allow you to save money that can be used tax-free to benefit a person with a disability.

See More On: Family Finances

March 6, 2017

What You Should Know About Making 403(b) Catch-Up Contributions

Workers 50 and older aren't the only ones who can make bonus contributions.

See More On: Saving for Retirement

March 2, 2017

8 Smart Financial Moves to Make in 2017 If You're in the Military

Military Saves Week is the perfect time for military families to take stock of their finances, make the most of special saving opportunities and plan for the future.

See More On: Family Finances

February 24, 2017

How High Earners Can Set Up a Roth IRA

It's simple: First contribute to a traditional IRA, then convert that IRA to a Roth.

See More On: Saving for Retirement

February 17, 2017

A Tax-Friendly Way to Pay for School

You can use money from a Coverdell education savings account tax-free for education expenses from kindergarten through college.

See More On: Paying for College

February 15, 2017

You Still Have Time to Make an HSA Contribution for 2016

If you had an eligible high-deductible health insurance policy last year, you have until this year's tax deadline to add money to an HSA.

See More On: Health Care & Insurance

February 13, 2017

How to Get Money Back When You Turn in a Leased Vehicle

If you are well under your allotted mileage limit, you may be rewarded.

See More On: Buying & Leasing a Car

February 8, 2017

How to Switch Out of a Medicare Advantage Plan

You usually can't switch to another Medicare Advantage plan until open enrollment in the fall, but there are exceptions.

See More On: Medicare

From Kiplinger's Personal Finance, February 2017

What to Do When Your Broker Goes Rogue

If contacting the broker's superiors doesn't produce resolution, you could try escalating your complaint to FINRA or the SEC.

See More On: Wealth Management | Financial Planning

From Kiplinger's Personal Finance, March 2017

Distribution and Tax Rules for Inherited IRAs

You may have to pay income taxes on distributions from inherited IRAs.

See More On: Social Security | Estate Planning | Family Finances

February 3, 2017

Deducting an IRA Contribution on Your Tax Return

If you have a workplace retirement plan, you can still stash money in an IRA. You can even take a deduction for a traditional IRA contribution if your income is low enough.

See More On: IRAs

January 31, 2017

5 Ways You Can Still Boost Your Tax-Advantaged Savings for 2016

You have until April 18 to contribute to an IRA for yourself and your spouse, a Roth IRA for your kid, and a health savings account.

See More On: IRAs

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