The Help Desk

How can my mom use her $29,000 capital loss carryover?

My 93-year-old mother has a $29,000 capital loss carryover on her taxes. She will probably never live long enough to get the credit. Her main asset is an annuity that has grown over the years. Is there any way to use the capital loss to offset the gains or dividend income from the annuity? — Doris

The answer is a bit complicated, says Gil Charney, principal tax researcher at the Tax MORE

Can a bank get at your Social Security in a foreclosure?

A friend of mine has been trying to sell her house for four years with no luck. She is in her eighties and has used up nearly all her money making  house payments. If she goes into foreclosure, can the bank or government demand her Social Security or IRA savings as payment for what she owes? — Ted R.

If the bank forecloses on your friend, in most cases it will take MORE

Should a 70-year-old refinance into a 15-year mortgage?

I am a 70-year-old widow with a home worth $297,000.  I have a current fixed mortgage rate of 5.5%, and I owe $142,000 with 22 years left on the loan. I am considering refinancing for 15 years with a 3.375% fixed mortgage rate. This would add $3,000 to my loan and $100 a month to my mortgage payment. The $100 doesn't hurt me financially but I am wondering if this MORE

Will a new credit card hurt my credit score?

My credit score is 770. I have two credit cards and always pay them on time and don't spend more than 10% of my total credit limit. I'd like to open an additional credit card that offers points for gas and other cash back promotions. Will that hurt my credit score? — Name withheld

First off, congratulations on your 770. One of the reasons your score is so good is the MORE

How do we get into a group health insurance plan?

My husband and I own a business with just one seasonal employee. We have had to buy high deductible ($7000) insurance for over $700 per month. It has an HSA attached. We have a lawn care business and ATV repair and we also farm. I am a medical transcriptionist at home and work in my church's office, but we have no benefits. Can we get into a group insurance plan to MORE

What's the benefit of a Roth 401(k)?

I am 31 years old and contribute more than enough to my 401(k) to obtain the company match. I also max out my contribution to a Roth IRA every year.  I would like to contribute to a Roth 401(k), but my company does not offer this plan. Can you help me understand the benefits of a Roth 401(k)?  Also, do you have any recommendations on selling my company on making MORE

Should I buy an indexed universal life insurance policy?

I was recently introduced to the idea of purchasing an indexed universal life insurance policy. The cost is so much higher than term life insurance, so I don't know if it's a smart way to spend my savings. I know the term insurance expires after a certain number of years, and IUL will not. Should I consider this type of life insurance? I am in my early 50s and my MORE

My tax refund came on a debit card!

My Connecticut income tax refund came in the form of a Visa debit card issued by Chase Bank. Apparently, in order to get any or all of the money owed me, I must activate the card. This requires giving my Social Security number and other personal information. How can I get the money I am owed without opening a credit card I do not want, and which will show on MORE

What's the best way to save for college?

What is the best way to save for a child's education? Are state Guaranteed Education Tuition (GET) programs best, or is another savings vehicle better? – April B., Washington

The Guaranteed Education Tuition plan is the state of Washington's prepaid tuition plan — and in general, a 529 college savings plan is the better choice. With a prepaid tuition plan, you're basically paying for future tuition at in-state public schools at MORE

How long does bankruptcy stay on the books?

My wife has applied for credit cards, but was denied because the credit reporting services have a record of her filing bankruptcy in 2003. Does this record stay permanent, or does it become purged after a period of time? – James V.

It depends on what kind of bankruptcy your wife filed nine years ago. Generally speaking, a completed Chapter 13 bankruptcy will stay on a credit report for seven years, MORE