Key Takeaways You must be 65 or older to use the senior-specific form Form 1040-SR uses a larger font and less shading than the regular 1040 The 1040-SR doesn’t have an income limit compared to the old 1040-EZ There are perks to being a senior—discounts at restaurants and retail, tuition waivers at some schools, and […]

Continue Reading

Key Takeaways Consider these four tips to help make saving for college easier Starting to save early on in a child’s life can be a great way to potentially build toward an education nest egg From choosing the right sunscreen to making sure they eat enough vegetables, the day-to-day task of raising kids is a […]

Continue Reading

Key Takeaways 529 plan funds can grow federally tax-free when used for qualified expenses  The SECURE Act of 2019 expanded the list of qualified expenses, including apprenticeships and student loans Contribute up to $75,000 all at once without paying the gift tax It’s no secret that the cost of college has been on the rise. […]

Continue Reading

Key Takeaways The 1040-SR doesn’t have an income limit, as on the old 1040-EZ You must be 65 or older to use the new form Form 1040-SR uses a larger font and reduced shading When it comes to your sunset years, it seems like 70 is the new 50. Retirement has evolved to be more […]

Continue Reading

Key Takeaways Save yourself time with e-delivery of tax forms and documents Safeguard your personal information with electronic communications Help the environment by reducing paper forms Tax season is just a few months away, and now’s the time to start preparing. Before all that mail starts arriving, TD Ameritrade clients can consider switching to e-delivery instead of paper […]

Continue Reading

Key Takeaways The IRS normally initiates contact via regular mail The IRS doesn’t demand immediate payment with no opportunity for appeal The IRS doesn’t threaten to bring in law enforcement authorities About a year ago, Alex Reffett got a call from someone saying he owed thousands of dollars in taxes. The person gave him a bank […]

Continue Reading

Key Takeaways Income is taxed in stages according to different levels or “brackets” Know which tax bracket you fall into so you can plan accordingly Understand how marginal tax rates are calculated Do you know what federal tax brackets are and the tax rates that apply? If you’re unsure, you’re not alone. Many people are under […]

Continue Reading

Key Takeaways Federal tax refunds averaged around $3,000 for the 2018 tax year Although “forced savings” can benefit some, many opt for bigger paychecks throughout the year More than half of lower-income households use tax refunds to pay off debt You may have heard of the trick of keeping your credit card in a bowl […]

Continue Reading