Category Archives: Uncategorized

Fixing an Overfunded Account and When Does Overfunding Situations Occur

How to fix your overfunded account Is socking away large sums in a tax-deferred retirement account ever a bad idea? It is when you exceed the annual IRS limits. And intentional or not, the penalties can be painful. Here's how overfunding occurs and what steps to take to fix the problem. When do overfunding situations…
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Do you have enough emergency savings?

A December 2015 survey by a consumer financial services company showed that 36% of the people who participated said they dealt with their most recent unexpected expense by using savings. Would you be part of that group? Here are tips for starting your "rainy day" fund. Define how much emergency savings is enough. A good…
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Use 401(k) to pay bills? No, it is not a good idea

Use your 401(k) to pay bills? Say no. When you're short of cash, raiding your 401(k) plan to use your 401(k) to pay bills may seem like a good idea. Here are two reasons why it isn't. Penalties and taxes. If you're not at least 59½ years old, you'll be hit with a 10% penalty for early…
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October 15 is a final tax deadline

Time's almost up if you requested a six-month extension to file your 2014 federal income tax return. October 15 is the final date for filing your 2014 return; the IRS generally does not give filing extensions beyond that date. October 15 is also the deadline for undoing a 2014 conversion of a traditional IRA to…
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