If I retire overseas, can I lower my taxes by declaring residency in any state I want? — C. Czuchna, Gainesville, Va.
Not quite. You can't just declare residency; you have to live there before taking off. Steps to show you've really moved to the no-income-tax state of your dreams (such as Florida, Nevada, or Texas): buying a home (and selling your old one), getting a driver's license, and registering to vote.
Do MOREApr 27, 2013 6:30 AM ET
How do I know whether my umbrella policy coverage is right? I don't want it to be too large or too small. — R. King, Tampa
Base your umbrella policy—which insures you for amounts beyond the coverage of your other insurance — on the value of your assets. Why? In a lawsuit (say, after a serious collision), lawyers will aim for your available assets but probably settle for a comparable insurance amount. MOREApr 20, 2013 6:30 AM ET
Can I take money tax-free from my 401(k) for a down payment on a home? — Dev Ananth, Plano, Texas
You may be able to pull money out, but you can't avoid taxes. And that's not the only downside.
Most plans let you borrow half of your savings, or $50,000 (whichever is less); you'll repay that with after-tax dollars — not the untaxed dollars you contributed originally. Leave your job without repaying and MOREApr 13, 2013 6:30 AM ET
I have made a formal loan to my adult child. Do I have to report the interest I receive as income? — J.H., Texas
Yes, interest you earn on a personal loan is taxable and should be reported to the IRS. The figure goes on line 8a of your 1040; if all your taxable interest income in a year exceeds $1,500, you also have to file Schedule B, which records interest and MOREApr 6, 2013 6:30 AM ET
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