Contributing to an IRA and Roth IRA if You Already Have a 401K

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This is the kind of question I get fairly often and one that I actually had to recently sort out for myself. To determine if and how much you can contribute to multiple tax advantaged accounts you need to meet differing modified adjusted gross income (MAGI) limits and qualifications as discussed below. IRS tables and links to [...]

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Will The Debt Ceiling be Raised and Who’s to Blame for This Mess – Republicans or Democrats?

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The national debt debate continues with millions of federally funded individuals and corporations facing the real prospect of taking a big hit to their bottom line if the debt ceiling is not raised by August 2nd (at the latest). Whichever side of the debate you are, the fact is that over the past 30 years [...]

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Can You Afford to Start a Family? Important Financial Questions to Consider

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Starting a family is a big step to take, this goes without question. This step manifests in many ways and one that is particularly noticeable is how having children can impact your finances. Children are a lot of things- loveable, inspiring, purpose-giving, and expensive. Some people think that buying a home is the largest investment [...]

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2011-2012 Alternative Minimum Tax (AMT) and Exemption Amounts

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Everybody should pay their fair share of taxes, right? It would be difficult to find somebody who doesn’t believe that but in reality it’s not that simple. The tax code is a complicated document which gives rise to a number of loopholes that are widely known (and used) by the nation’s wealthy as well as [...]

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How Much Do Americans Make? Breakdown by State Household Median Income

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Is $50,000 considered a good income that you and your family can comfortably live on? Probably not in most places, but this is roughly the median income of the average American household. Or stated another way – 50% of households make less than this amount, while 50% make more. But income levels do vary by state, [...]

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Mid-Year Tax Moves You Can Make Now

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With more than half the year in the rear view mirror, it’s time to start thinking about your potential annual tax liability and actions you can take to legally minimize what you will have pay the IRS.  Here then are some easy to action mid-year tax moves that you should have on your radar now, rather than waiting till December 31st. Review and/or Finish [...]

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How Much A Debt Deal Will Cost You With Higher Taxes, Fewer Deductions, Lower Benefits and Working Longer

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[Update as of July 23rd] It’s time to pay for the American dream. In various discussions around how to cut the national debt, so that we don’t have to keep raising the debt ceiling, one theme that is common in most plans is that Americans now and for generations to come are going to feel [...]

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How to Avoid Hefty Credit Card Interest and Fees via Good Habits and Knowing Your Rights

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Using credit cards has become a way of life for many of us. For the most part, credit cards do offer a convenient way to make purchases, and they enable us to walk around without mounds of cash in our pockets. In return for this and other conveniences like reward programs, however, there can also [...]

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Retirement Ages and Eligibility Rules For Receiving 401K, IRA and Social Security Benefits

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Many people are confused when it comes to what the official retirement age(s) are. Which is unfortunate, because this is key for figuring when you can access your retirement savings without penalty, and to figure out how much you need to save for retirement. Here then is a quick recap of the key age milestones [...]

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2012 Military Pay Charts with 1.6% Raise Over 2011 Rates

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[Updated with approved 2012 rates] In 2011, US armed forces members received a 1.4% pay raise after a drawn out budgetary process. However in 2012, Congress has approved a  slightly larger 1.6% increase in military pay. The 1.6% raise was part of the $662 billion National Defense Authorization Act for Fiscal Year 2012 bill (H.R. [...]

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What Gym Fees and Interest Payments Have in Common

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Ever been curious about the seeming universality of the desire to purchase goods and services without paying for them immediately? Many credit card users fall victim to this desire for instant gratification knowing full well they can’t actually afford what they bought without going into debt. Deferring payment until tomorrow allows for a surprising amount [...]

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US Real GDP By State and Per Capita Income Comparison

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The US Bureau of Economic Analysis has released the 2010 Gross Domestic Product (GDP) figures which showed a 2.6% average increase across the nation. As the graphic below shows 48 states and Washington DC experienced real GDP growth, led by the eastern seaboard states. Texas, North Dakota and Oregon were other states which had the [...]

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