Word: losses
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Dates: during 2000-2009
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...investors may not have been well informed of the risks. On April 13, the state of Oregon sued the managers of its 529 plan, OppenheimerFunds, alleging that Oppenheimer took too much risk with its "ultra-conservative" and "conservative" portfolios, alleged mismanagement that Oregon claims resulted in a $36.2 million loss for 529 plan investors. (See how students are paying for college...
...hopes of regaining control of how their money is being invested, many families have been asking about the possibility of cashing in their 529 accounts altogether and writing off the loss on their taxes, says Joe Hurley, who runs savingforcollege.com, a website that provides information and advice about 529 plans and allows investors to compare different state plans. The good news is that for some people, closing an account can result in a significant tax write-off. But as with most things tax-related, the rules are complicated. Here's what to consider before you bail...
...Your chances of getting a tax break. The bad news is that in many cases, investors can't write off as much as they might think. Among the restrictions: you must completely liquidate your account in order to claim a loss. You have to claim it as a miscellaneous deduction, which means you can only deduct losses that exceed 2% of your adjusted gross income (AGI); other miscellaneous deductions can include IRA losses and fees paid to a financial adviser. So if your AGI is $100,000, for example, and your 529 lost...
...Economists of all political stripes agree that the recession grew largely from certain issues: An unsustainable boom in home prices—propped up in part by daredevil lending—led to a rapid depreciation in home values. When transmitted through securitization, this loss of wealth resulted in a crisis of confidence in credit markets and a downturn in economic activity...
...wait is an unwelcome source of stress as she grieves the loss of her husband of 40 years. "I just want to get this over with so my heart can be at peace," she says. Sadly for Oi and thousands of other bereaved, that peace might be a long time coming...