Ask Kim

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

April 28, 2017

How to Avoid the Medicare Part D Penalty

If you don’t sign up for a Part D prescription-drug plan when you become eligible for Medicare, you could face a penalty -- unless you already have other coverage.

See More On: Medicare

April 25, 2017

Taking Required Minimum Distributions From a SEP IRA

When it comes to RMDs, simplified employee pensions have the same rules as traditional IRAs.

See More On: Required Minimum Distributions (RMDs)

April 21, 2017

How a Scholarship Affects Your 529 College-Savings Account

You can withdraw up to the amount of a scholarship from your 529 account without paying a penalty on the earnings, even if you don’t use the money for eligible college costs.

See More On: Paying for College

April 19, 2017

What to Do With Old Savings Bonds

First, check to see whether they are still earning interest. If not, cash them in and invest the money somewhere else.

See More On: Saving Money

April 14, 2017

How to Sidestep Required Minimum Distributions From Roth 401(k)s

You usually have to take RMDs from a Roth 401(k) after age 70½ — unless you convert the account to a Roth IRA.

See More On: Required Minimum Distributions (RMDs)

April 12, 2017

Boost Your Social Security Benefit Every Month You Delay

You don't need to wait an entire year beyond your full retirement age to earn delayed retirement credits.

See More On: Social Security

April 7, 2017

Selling Jointly Owned Stock After the Death of a Spouse

How you will be taxed depends on the state in which you reside.

See More On: Family Finances

April 5, 2017

Does the IRS Owe You Money?

The IRS says it has $1 billion in unclaimed tax refunds for 1 million taxpayers from 2013. But the deadline to claim it is April 18.

See More On: Tax Prep & Filing

March 29, 2017

How to Deduct Medical Expenses on Your Tax Return

You may be able to write off what you pay out of pocket for health care, but only to the extent that those expenses exceed 10% of your adjusted gross income.

See More On: Health Care & Insurance

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

April 4, 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

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