Ask Kim

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

August 18, 2017

Transferring IRA Money to a Health Savings Account

Rolling money from a traditional IRA into an HSA turns tax-deferred dollars into tax-free withdrawals for medical bills. But you’ll maximize the tax breaks if you contribute new money to the HSA.

See More On: IRAs | Health Care & Insurance | Healthy Living on a Budget

August 16, 2017

What You Need to Know About Homeowners Insurance in Hurricane-Prone States

Policies can be prohibitively expensive in areas susceptible to hurricanes, but home buyers can take steps to make sure they’re not overwhelmed by the premiums.

See More On: Home Insurance | Buying & Selling a Home | Home Remodeling & Maintenance

August 11, 2017

Claiming the Saver’s Credit on Your Tax Return

Workers with modest incomes are rewarded with a tax credit of up to $1,000 for saving for retirement.

See More On: Saving for Retirement | 401(k)s | IRAs

August 9, 2017

Deducting Mortgage Interest on a Vacation Home

You may be able to write off all mortgage interest on a second home if you’re not renting it out for extended periods.

See More On: Mortgages & Refinancing | Best Cities, States & Places | Home Insurance

August 1, 2017

Tax Breaks When Moving to Take Your First Job

The cost of hiring movers and traveling to a new home are tax-deductible if you meet the distance test.

See More On: Tax Breaks | Careers | Home Remodeling & Maintenance

From Kiplinger's Personal Finance, September 2017

Protect Your Assets With an Umbrella Insurance Policy

A $1 million policy can cost as little as $150 per year.

See More On: Home Insurance | Auto Insurance

July 28, 2017

How to Ensure Your IRA Donation to Charity Is Tax-Free

Donating IRA money directly to a charity can satisfy your required minimum distribution and lower taxes, but IRA administrators vary on how to deliver your gift.

See More On: IRAs | Required Minimum Distributions (RMDs) | Roth IRAs

July 25, 2017

How to Calculate the Tax Bill on Withdrawals from Variable Annuities

Some or all of your withdrawals could be taxed, depending on how you made your initial investment and how you’re pulling money out.

See More On: Annuities | Tax Breaks | Tax Planning

July 21, 2017

What to Do With a 529 College-Savings Plan When a Disabled Child Can’t Attend College

Families can avoid the penalty when money in a 529 plan isn’t used for college if the beneficiary meets the IRS definition of disability. You have other options to avoid the penalty, too.

See More On: 529 Plans | Health Care & Insurance | Paying for College

July 19, 2017

10 Things You Need to Know About Health Savings Accounts

Health Savings Accounts are a tax-friendly way for workers to pay medical bills today and well into retirement. These strategies can help boost the funds in your HSA for when you need them the most.

See More On: Health Care & Insurance | Healthy Living on a Budget | Tax Planning

July 14, 2017

When to Sign Up for Medigap and Prescription-Drug Coverage

You can limit out-of-pocket medical costs left by the gaps in Medicare by shopping for medigap, prescription drug and Medicare Advantage policies. But timing is key.

See More On: Health Care & Insurance | Healthy Living on a Budget

July 12, 2017

Don’t Overlook These Tax Credits for College

College students—or their parents— may be eligible for one of two tax credits that help offset the cost of tuition and other higher education expenses.

See More On: Tax Breaks | Paying for College | Tax Planning

July 7, 2017

Opening an ABLE Account

Money in one of these state-sponsored accounts can be used tax-free to cover expenses for a disabled person. Here’s what it takes to qualify and the documents you need.

See More On: Family Finances | Health Care & Insurance | Making Your Money Last

From Kiplinger's Personal Finance, August 2017

Prepaid Cards & Teen Checking

Some solid options to make sure your traveling teen isn't penniless.

See More On: Banking | Family Finances

June 30, 2017

6 Ways to Trim the Cost of Car Insurance for a Teen Driver

Your teen may qualify for discounts, but first shop around for less-pricey coverage

See More On: Auto Insurance | Buying & Leasing a Car | Making Your Money Last

June 28, 2017

What to Know About Reimbursements From 529 Plans

You can withdraw money tax-free for tuition, required books and fees, and even a computer and related software.

See More On: 529 Plans | Paying for College

June 23, 2017

What to Know About Enrolling in Medicare Part B

Sign up for Medicare Part B no later than eight months after you leave your job or you could be hit with lifetime penalties.

See More On: Medicare | Health Care & Insurance | Social Security

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