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What If You Did Your Taxes Wrong?

You sent off your tax return on time, but now you realize you make a mistake.  Go ahead, freak out, then get going on fixing the problem. If its just a simple math error, the IRS will probably catch and fix the problem. But in some cases, like if you didn’t report all your income or you forgot to claim a credit, you will need to file an amended return.

What are MyRA Plans?

The MyRA is a new, no-frills retirement account which will function as a retirement-savings vehicle for workers without access to an employer-sponsored plan such as a 401(k). Contributions will be considered after-tax and grow tax-free. MyRAs will be open to individuals earning less than $129,000 and couples who earn less than $191,000. Find out more about these new retirement alternatives here.

Shopping for Long-Term-Care Insurance

Should you buy long-term-care insurance? One study estimates that 70% of individuals will eventually need long-term care, but the cost of long-term-care insurance has been growing by 3% a year or more. Here are six mistakes consumers commonly make when purchasing long-term-care insurance, and advice on how to avoid these pitfalls.

How to Tap Investment Accounts in Retirement

When it comes time to live on on your retirement money, how do you decide which ones to tap first? The financially smartest choice may not be immediately obvious—or easy to accept.

What You Should Know About Financial Aid

Consumers have more tools than ever to decipher college prices and financial aid. College websites are required by law to have net-price calculators, to help people estimate what they would really pay, rather than relying on inflated sticker prices.

What are Closed-End Funds?

In many ways, closed-end funds are just like conventional mutual funds and exchange-traded funds, but closed-end funds have some differences. A closed-end fund has a fixed number of shares and sells them in an initial public offering, when traded later the price of a closed-end fund will fluctuate above and below the value of its underlying holdings. Find out about the upside and downside of closed-end funds here.

How to Save a Wet Phone or Tablet

You’ve dropped your phone in the sink, now what do you do?  All is not lost.  There’s a trick to (possibly) saving your electronic device for another day.

What is Social Security’s Windfall Elimination Provision?

If you have contributed to Social Security at one job and a pension plan at any job where you didn’t pay Social Security taxes, the monthly Social Security benefit you will receive, under Social Security’s Windfall Elimination Program, will fall short of what your annual statements project—and you’re unlikely to know it until you file for Social Security benefits. This provision applies mostly to workers who began federal, state and local government jobs.

How Will a Ticket Affect Your Insurance Rate?

Getting a ticket will not only mean having to pay a fine but may result in higher insurance premiums. The most damaging offenses are DUI and reckless driving, which causes insurance rates to surge an average of 93 percent and 82 percent, respectively.

Children with Investment Income

Special tax rules apply to certain children with investment income. Those rules may affect the tax rate and the way you report the income. If a child can’t file his or her own return, their parent or guardian is normally responsible for filing their tax return.