I am retired receiving a small (taxed) pension. I have an Egg acc. - Should I have to pay tax on the interest?
488470
If your total income is more than your exemptions & deductions, then yes, you will pay tax.
577391
I know it doesn't seem fair.  Truthfully, though, the formula that the government uses to calculate your EFC *does* take into account the fact that you are saving for retirement -- it employs what are called an "income protection allowance" and an "asset protection allowance."  The amount of protection (i.e. the amount of income "sheltered" from the EFC calculation) depends on the age of the student's oldest parent -- the older you are, the less your retirement savings are "held against you." So your EFC may decrease for subsequent years. \n\nPhilosophically, the government believes that the student and his/her parents are the primary party responsible for the student's college education, so they expect a family to put their "eggs" in more than one basket (that is, they think that, if you can save, it should be for both college and retirement).  As such, even for the neediest students, federal grants don't come close to covering today's educational costs.  \n\nAs for what you can do, since for now your EFC is what it is...\n\nThere are plenty of scholarship awards based on talent/academic rather than on need -- she should focus on those, registering at any and all scholarship search sites, such as these:\n\nhttp://www.fastweb.com\nhttp://www.srnexpress.com\nhttp://www.scholarships.com\nhttp://www.scholarships101.com\nhttp://www.finaid.org/scholarships\nhttp://apps.collegeboard.com/cbsearch_ss/welcome.jsp\nhttp://services.princetonreview.com/default.asp?RUN=%2Fcollege%2Ffinance%2Fscholar%2FscholInterview%2Easp&RCN=auth&RDN=7&ALD=http%3A%2F%2Fwww%2Eprincetonreview%2Ecom\nhttp://www.collegeanswer.com/paying/content/pay_free_money.jsp\n\nMany parents strike a bargain with their studentsto split the student's educational costs.  Perhaps knowing that she will be financing part of her education will help your daughter to make wise decisions about how she wants to spend her money AND her time.\n\nWith educational costs where they are today, you may very well be dealing with choice between (a) depleting *some* of your retirement savings and retiring a few years later than planned or (b) putting your daughter in a situation where she graduates with so much debt that she herself is *never* able to retire.  It happens a lot more than you think -- many parents disagree so strongly with the FAFSA calculation that they choose not to fund their children's education at all.  There are plenty of students who graduate with monthly student loan payments larger than the average mortgage payment.\n\nAnd for future years, before you file the FAFSA, check out this website on "maximizing your eligibility" -- I can't say I condone it when people manipulate the system, but the "strategies" on this site are completely legal and the site itself is very reputable:\n\nhttp://www.finaid.org/fafsa/maximize.phtml
767906
DEPOSITS ARE NOT TAXABLE.\nBUT THE INTEREST EARNED IN YOUR NAME WILL BE TAXABLE.\nBETTER SUGGESTION\nLET YOUR HUBAND KEEP MONEY IN HIS NAME IN NRE ACCOUNT ...\nCOZ NRE WILL BE TAX FREE
373263
Well, if you save for retirement, you should put your money in an IRA. This helps the economy, which is why you receive tax breaks for doing so. The money you put in the IRA gains interest for yourself, which is good, and can be used in the interim by banks to loan out to consumers, in which the banks make money by charging the interest back to the consumer who initiated the loan. If you are saving money by putting it into any type of bank account, whether it be a CD, saving account, whatever... you are helping the economy. Likewise, if you don't save and just spend, you are helping the economy. If you save your money in a mayo jar and bury it in the backyard, you are not helping the economy, or yourself.
17861
Yes.  you will have to pay taxes on capital gains.  For more information on investment clubs, please visit: \n\nhttp://www.investmentclubhelp.com/
199653
it becomes your income for that year, so its added to your gorss income for tax purposes. having the employer paying the premiums doesnt make the difference.  was the loan more than the policy? what interest rate was charged on your 'loan'?  once you have the premiums cash in hand i think you should see an investment broker or such and get assistance on socking most of it away in to an rrsp or something so you wont be taxed to siberia on it.
275660
yes i would pay, it will affect your pension when you retire otherwise
844086
No there is only a certain amount you are allowed to invest in a pension fund, and you still have to pay tax on any unearned income
112764
Yes, you need to fill the form FM4 and it is actually a good idea for retirement, because Mexico doesn't tax you in capital gains nor in interests and dividends, that is going to constitute most of your income when you retire.
307163
I doubt it, they raise it when your income rises.  They would have more to distribute to your kids if they got a lump some, because the interest would grow huge i would think.
685846
I believe you have to pay on any inheritance you receive.\n\nHere's a website that explains it and also has external links for more info:  http://www.answers.com/Inheritance%20Tax
896663
You should always have a separate retirement fund besides your pension plan.  Many pensions are underfunded now because companies can borrow from them.  Go start a Roth IRA somewhere.  If it were me, I'd find a mutual fund with a very low expense ratio, and one that tracks a major index, like the Dow or the S&P 500.\n\nAs to whether you can sue - I'd take your question to your state's attorney general's office.  They will have a better knowledge of the rules in your state.
626560
It a retirement plan. Instead of paying the government right away, you get to keep it for interest, you give it back later when you take your money out. E-mail me if you want to know more. I can elaborate if needed.
284237
It is a good idea.  You can never make up the difference if you don't start investing until you are older (due to compounding interest).  A 401 K is dogmarked for YOU and no one can take that money.\n\nThe thing about baby boomers, that is really only affecting PENSIONS which are not the same as 401K.  Even if the market returns drop, your money will still be there.\n\nIf you feel worried, get an IRA from an independant investment firm.  Your return won't be as high and you will not get to put the money in before taxes, but this way your company cannot drain you.
82296
Interest is taxable on the federal return.  Its not taxable on your state return.
654823
This depends on when you are talking about.  If after retirement, you can set it up to be paid out in monthly installments, or in a lump sum, or some other arrangement.\n\nIf you are still working...it depends on your particular companies plan , and realize there will be tax penalties in addition to it counting as income.
124590
Well the PF that is deducted is paid in 2 tranches, check if you got both your tranches also.\n\nYou should ideally get your share + Company share + interest