The Help Desk

What's the best way to consolidate my old 401(k)'s?

I'm unemployed, and I currently have three 401(k) plans from previous employers. Any advice on how to put all three of them together so I can keep better track of my investments? What should I do with them until I find employment again? -- Name withheld

Your best option is to roll your three 401(k) plans into one IRA (short for "individual retirement arrangement" or "individual retirement account"). "An IRA will MORE

Are my child's dental expenses tax deductible?

We are paying for my adult daughter's dental expenses. She requires full-mouth teeth crowning, at a cost of approximately of $65,000 (which, though she has a very nice income, is more than she can comfortably afford). Can we get a tax credit or deduction for our contribution?— Larry, Cincinnati

You can claim a deduction for her medical expenses only if she qualifies as your dependent for tax purposes, says Mark Luscombe, MORE

Will it be hard to get a mortgage?

My husband and I are moving to Tennessee to be near our daughter and her husband. We are retired and have health insurance. Our credit scores are in the 800s. We have no debt except for a car we purchased last August (balance, $19,000; monthly payment $348/mo.). Our net income is $4,000 per month. We would like to purchase a small home for $100,000 - $125,000. We have $60,000 in MORE

How can I bring down my property taxes?

I purchased a brand new home in 2008 at a price of $315,000. A few weeks ago I learned that the assessor says I have two bathrooms and central air conditioning. I do not. I pay over $6,700 in taxes, and I feel that's too high for such a small house. What can I do to bring my taxes down? - Name withheld, Maybrook, N.Y.

Your question is timely. Property values MORE

Does turning down a credit card offer hurt my credit score?

I keep getting "pre-selected" offers for credit cards. Does it hurt my credit score if I am turned down for a pre-selected offer? — Name withheld

There's a common misconception that pre-selection means automatic approval. Not so, says Beverly Blair Harzog, credit card expert with Credit.com. You've received the offer because your credit score and other demographics fit within the credit card's target market. If you respond to the offer, though, MORE

Do I have to be an account holder at a bank to open an account for my child?

In the interest of teaching my young daughter the value of saving money, I recently attempted to open a savings account for her at a local bank. Much to my surprise, the teller informed me that the bank would not open an account for her unless I was an account holder as well. Is this a legitimate prerogative of the bank? — Name withheld

While some banks will welcome MORE

What are the pros and cons of Vanguards' deferred variable annuity?

Vanguard offers a deferred variable annuities with a rider called a "Guaranteed Lifetime Withdrawal Benefit." I would like to know the pros and cons. — Frank, North Carolina

Speaking generally, a variable annuity is a tax-deferred vehicle that allows you to invest in a variety of choices, typically stocks, bonds, money market instruments or some combination of the three. When you buy a deferred variable annuity you don't start receiving any MORE

If I quit my job, what can I do with the money in my 457(b)?

What are my options if I leave an employer when I have invested funds in a 457(b) plan? — J.S., Nashua, N.H.

So-called 457(b) plans are tax-advantaged retirement programs geared to distinct groups of workers. On the one hand, "public" 457(b) plans cover state and local government workers. Then there are "private" 457(b)s that are made available to employees at tax-exempt organizations, such as hospitals and unions. The rules for what MORE

Do you have to miss mortgage payment in order for a lender to agree to a short sale?

Is it true that you have to miss one or two payments in order for a lender to approve a short sale of a house? Also, how long do I have to wait in order to get a new mortgage if I short sell my house? -- Name withheld

"Short selling" is an option—but one that should be considered with exceeding caution and with professional guidance.

Short selling involves selling your home MORE

What's the best way for high earners to save for retirement?

My wife and I max out our 401(k)s and gross over $169,000. How else can we save for retirement? — David, West Conshohocken, Pa.

Even though your income disqualifies you from investing in a deductible or Roth IRA, you each can put $5,000 a year in a nondeductible IRA—$6,000 if you are 50 or older—and then convert the account to a Roth. By shifting that money to a Roth, you can MORE