Youth saving advantage over time and retirement choices
Article outlines how starting at age 30 with 2000 yearly for 15 years yields 470 294 by age 65 versus 291 987 if started at 35. Emphasizes early saving boosts, with specific balances by age 65 for each start age. Includes questions about restricted stock and non U S tax reporting in a mixed editorial column.
Reporting tax on payments by Gary Klott
Financial institutions label savings payments as dividends but tax rules treat them as interest. Report 1099-INT as interest and 1099-DIV as dividend income to avoid IRS discrepancy notices. Check the year-end statement to determine proper reporting category.
MENTIONED IN THIS ARTICLE
England
U.S
Gary Klott
Knight-Ridder
Credit Unions
Mutual Savings Banks
Savings and Loans
IRS
Yields rise on money funds in latest week
The seven day average yield on money market funds rose to 4.96 percent from 4.83 percent the prior week, while 30 day yields edged higher to 4.85 percent. Bank Rate Monitor reports steady yields for money market accounts at 2.63 percent and CDs advancing across ten markets. Total assets of retail, tax-exempt, and institutional money market funds increased to $654.03 billion.
MENTIONED IN THIS ARTICLE
New York
IBC
Money Fund Report
Ashland
Mass
IBC Financial Data Inc
IBC Financial Data
Money Funds
Newsletter Bank Rate Monitor
Savings and Loan
North Palm Beach
Fla
Bank Rate Monitor
Investment Company Institute
Federal Reserve
Robert K. Heady
North Palm Beach, Fla
Heady
Raney
Stock market slide changes household investing plans across the Midwest and New York
New York investor Laurene O'Brien and Ohio retirees La Venne and Robert Raney adjust their portfolios as the Dow falls over 8 percent from its March high. Many stay the course while others seek bargains, with bankers pushing higher CDs as a safer alternative.
MENTIONED IN THIS ARTICLE
Kaleb
Briana
O’brien
Astoria
N.Y
Columbus
Ohio
la Venne
Robert Raney
Raneys
IRS myths about tax tips debunked by agency
The IRS and tax experts debunk rumors about filing, including peel-off labels on Form 1040, audits from deductions, and electronic filing. They stress myths can hinder legitimate deductions, while noting voluntary self assessment differs from property tax. Seek IRS guidance for doubts.
MENTIONED IN THIS ARTICLE
Knight-Ridder News Service
Internal Revenue Service
IRS
Teri Dixon
Cincinnati
Tax
Dixon
Mary Turville
National Society of Accountants
Alexandria
Turville
Robert Stultz
Ohio State Society of Enrolled Agents
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Arcadian Power Co
Utah
No. 3
Susan Bondy
Cedar Rapids
P.O
Bondy
Terest
Laurene O’brien
Todd Gillingham
Lutheran Brotherhood
Minneapolis
Dave Mapes
AJS Realty
Grand Rapids
Mich
Larry Elkin
Hastings-on-Hudson
Tim Loughran
University of Iowa
Stultz
Contract Furniture
OB International
North
Compton
Hiawatha
CPA
Sieh & Company
Arthur Andersen
Firstar Bank
Iowa
Belle Plaine
Glenn Drahn
Park Drahn
Ins
Bryant Aaron Marx
Bonnie
Loren Kiel
Midwest
Paul Styve
Phil Waniorek
Iowa Falls
Dick Smith
CLU - Smith
Keota
Bob Helscher
CLU
Chfc Financial Services
D.J. Aanestad & Associates
Executive Plaza
Ohio National Financial Services
A.M. Best Company
Choice
Ohio National Life Insurance Company
Choice I