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Kiplinger's Personal Finance
As the "Ask Kim" columnist for Kiplinger's Personal Finance, Lankford receives hundreds of personal finance questions from readers every month. She is the author of Rescue Your Financial Life (McGraw-Hill, 2003), The Insurance Maze: How You Can Save Money on Insurance -- and Still Get the Coverage You Need (Kaplan, 2006), Kiplinger's Ask Kim for Money Smart Solutions (Kaplan, 2007) and The Kiplinger/BBB Personal Finance Guide for Military Families. She is frequently featured as a financial expert on television and radio, including NBC's Today Show, CNN, CNBC and National Public Radio.
The rules changed a few years ago to limit use of tax-free FSA money for nonprescription drugs, but there are plenty of items you can still buy without a prescription.
See More From: Ask Kim
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.
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.
Workers with modest incomes are rewarded with a tax credit of up to $1,000 for saving for retirement.
You may be able to write off all mortgage interest on a second home if you’re not renting it out for extended periods.
The cost of hiring movers and traveling to a new home are tax-deductible if you meet the distance test.
A $1 million policy can cost as little as $150 per year.
Scaling back on household expenses has helped this family stay on the right financial path for more than a decade.
See More From: Family Finances
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.
If you don’t have many medical expenses now, in the long term you’ll be able to benefit even more from the tax advantages of an HSA. You’ll get a tax break for your contributions, then you can build ...
See More From: Health Care & Insurance
Some or all of your withdrawals could be taxed, depending on how you made your initial investment and how you’re pulling money out.
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.
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.
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.
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.
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.
Follow these steps to minimize hassles and get all the money you deserve.
See More From: Home Insurance