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After that, the money grows tax-deferred and the earnings on converted balances have the potential to be tax- and penalty-free if the distribution is considered qualified, meaning the 5-year aging rule for the account has been met and the account owner is 59½, or another exemption ...
You can't claim someone who is claimed as a dependent on another tax return. You also can't claim a person who states that they are not able to be claimed as a dependent on their own tax return (takes a personal exemption for himself). Finally, a dependent cannot claim another per...
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that invest in government ormunicipal bondsare also common tax shelters. Though you still pay income tax on your initial investment when those dollars are earned, the interest generated by thesedebt securitiesis exempt fromfederal income taxes, so your investment generates annual income tax-free.7...
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These accounts allow people to put aside money for medical expenses, and they come with triple tax savings. Contributions are deductible, money in the account grows tax-free and withdrawals are tax-exempt when used for qualifying expenses. As with a traditional IRA, deductible contributions ...
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For example, the interest can be tax-deductible if you use the money for major home improvements, such as adding a deck or renovating your kitchen. "You want to get an appraisal before you start and after you're done, so there's no question that it increased the value of your home,"...