Word: year-end
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...spirit of holiday shopping, let's consider some 11th-hour tax planning. It won't help you score a Furby for your toddler, but the right financial moves before the end of 1998 will have far more impact on Junior's well-being. The same basic year-end tips tend to get rehashed ad nauseam. So I won't spend a lot of time encouraging you to defer income into next year and accelerate deductions into this year. Ditto for making certain that you use, not lose, any money still in a flexible-spending account at work and for making...
...Christmas. Don't blow it. Mutual-fund companies estimate that only 5% of people eligible to convert their old IRA to the Roth version have done so. There may be a crush of late activity, and paperwork received the last week of December may not get processed before the year-end deadline...
...income tax on the amount you shift. But the money can be withdrawn tax-free in retirement. Generally, if you meet the income limits (less than $100,000 household income), won't need the money for at least 10 years, and can pay the tax without dipping into IRA funds, you should convert. By doing so before year-end, you get to spread the resulting tax bill over four years. If you've already converted and find that your stocks or funds have fallen in value, reconvert to cut your tax bill...
...Education IRA, which lets you set aside $500 per child each year, must be funded by year-end. Like the Roth, it allows your money to grow and be withdrawn for college free of tax, but it offers no deduction. You can take as much as a $1,500-per-student credit on 1998 taxes by using the Hope Scholarship and prepaying now for the college spring semester. You can take up to a $1,000 credit per family by using the lifetime learning credit. Each program has income limits and other restrictions...
...know it's not nice to mock an eating disorder, particularly one that's been vigorously denied. Fortunately, someone else did it for us. In its year-end issue, the normally obsequious TV Guide did a takeoff on an ad for Altoids, the ubiquitous mint, starring CALISTA FLOCKHART. Never mind, Ally. Life ain't all roses for self-described "fat girl" actress Camryn Manheim either. Is INSTYLE the only irony-free magazine left...