Join the 9 million people who found a smarter way to get Expert help

Recent Savings Account questions

My father may need to be placed in a nursing home maybe

hello - my father may need to be placed in a nursing home maybe within the next year -he has $8k in a savings account & I have been living with him in his home since my mother passed in 1988 - these are the only assets he has & I am on as a joint account holder on the savings account - if he applies for Medicaid & the limit of savings he is allowed to have here in ohio is $2k will the $8k hurt his chances or deny him from being accepted to Medicaid - what if I were to draw out $6k out of his account - any help would be greatly appreciated - thank you

Read more

PDtax

Owner

Master's Degree

6,866 satisfied customers
I am the sole beneficiary of my late mothers money market

I am the sole beneficiary of my late mothers money market account, and executor of her estate. When I visited the bank, they opened an estate account with funds from her saving and checking account. But, opened a Traditional IRA with the money market account, giving me basically no other option. When I questioned the opening of the IRA, the banker advised me that I could take a lump sum, but I would be hit with quite a high tax if I did so. Isn't a money market account just like a savings account? If so, why would it be taxed at such a high rate? Also, I realized that evening that I was not given any information regarding the IRA, not an account number, information sheet..nothing.

Read more

TaxRobin

Vocational, Technical or Trade School

20,940 satisfied customers
We are both retired and both pensioners. We each receive a

We are both retired and both pensioners. We each receive a pension slightly adjusted.We have a home nearly debt free by say $45, 000 left to pay off. Home is around 3/4 Million. 2 old cars dated 2006 worth 5,000 each.We dabble in hobby consulting business's but do not need to pay tax as below tax threshold. Both have separate accountants lodge returns.We may receive shortly a $500,000 estate from deceased relative.We will use $100,000 of that to pay credit Cards , Mortgage and travel trips.Wife has $200,000 in Superannuation.How should we best use the remaining $400,000 in a very careful totally safe way?

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,252 satisfied customers
I have question on investing children's(two - 8 and

I have question on investing for my children's(two - 8 and 10yrs old) college for the future. I am a non custodial parent on a long term disability. Is it advisable to save for their college through a 529 and/or a coverdell account vs saving for my future expenses in my later years? What is the best investing strategy? I have read from many sources that it is better to save for one's own retirement over college savings.

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,252 satisfied customers
Ray My tax bracket can go up to $300,000 or

Hi RayMy tax bracket for 2016 can go up to $300,000 or $500,000Can you tell me which entity is better for tax shelter, 401K, Stock option, Roth IRA saving account, good health care and asset protection?Should I go with option 1 and 3 or choose option 2 below?1. LLC setup as a Corporation with 1 % account. I am looking to have an excellent tax break, 401k, good health care coverage and asset protection. Claim payroll for two employees2. Should I setup either S-corps or Corp?3. Do you have any refer for this Non-profit organization?

Read more

Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
What is the best stock to invest in right now in short term?

What is the best stock to invest in right now in short term? Also, is it a good idea to invest in the oil in gas? Its really low and sooner or later its going to jump again.

Read more

Shawn P Adamo

CEO

Bachelor's Degree

4,726 satisfied customers
Our private road association Covenant states, "Unpaid

Our private road association Covenant states, "Unpaid assessments shall bear interest at the rate of 12% per year, compounded annually, beginning February 1 of the year of delinquency ". Some owners pay their assessments late, as much as 3 years. Can we compound at a payment interval that does not fall on the annual anniversary; e.g. owner "A" pays at 15 months; can the association charge interest for the additional 3 months?

Read more

Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

8,936 satisfied customers
I paid 44,000.00 in dental expenses in 2015. Why can't i get

I paid 44,000.00 in dental expenses in 2015. Why can't i get any of it back??? My AGI IS 19,000.00

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,252 satisfied customers
My father has an IRA he is 79 years old. He started taking s

My father has an IRA he is 79 years old. He started taking his withdrawals at 70, 1/2 years old as per the IRS tax tables. His bank is telling him he needs to withdraw the funds in its entirety now. What will be the tax consequences if he withdraws this money now? Can he roll this over into another IRA to avoid tax on the entire amount? I believe the bank told him this because they may be going under.Thanks

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,252 satisfied customers
View more finance questions
In The News