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☆ Roth conversions are up in 2024 — but it's not always a 'slam dunk,' accountant says
▼ + stars: | 2024-05-28 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Roth individual retirement account conversions are up in 2024 — but there are key things to know before converting funds, experts say. There was a 44% year-over-year increase in the number of Roth conversions during the first quarter of 2024, according to data from Fidelity Investments. Roth conversions transfer pretax or nondeductible individual retirement account funds to a Roth IRA, which provides future tax-free growth. However, "it isn't a slam dunk for everyone" because it takes time for tax-free growth to exceed your upfront tax bill, said Marianela Collado, a certified financial planner and CEO of Tobias Financial Advisors in Plantation, Florida. Here’s how much you can saveInvestors need "sufficient assets" outside of retirement accounts to cover the upfront tax bill, warned Collado, who is also a certified public accountant.

Persons: Roth, Marianela Collado, Collado, You'll Organizations: Fidelity Investments, Roth IRA, Financial, Finance, Medicare Locations: Plantation , Florida

☆ Retirement prospects for women can be ‘pretty bleak,’ expert says — but there are ways to prepare
▼ + stars: | 2024-03-06 | by ( Greg Iacurci | ) www.cnbc.com time to read: +2 min

About 50% of women ages 55 to 66 have no personal retirement savings, a higher share than men (47%), according to U.S. Census Bureau data. Those who do have retirement savings are less likely to have $100,000 or more (22% vs. 30%). "The picture is pretty bleak for women" who don't save enough for retirement, Cindy Hounsell, founder and president of the Women's Institute for a Secure Retirement, said Tuesday at CNBC's Women & Wealth event. watch nowThey may become burdens on their children if they have kids who can offer financial support, she said at the Women & Wealth event. Compounding the problem: Caregiving, especially for a spouse, has a "more detrimental economic impact" on women, according to the National Institute on Retirement Security.

Persons: Momo, Cindy Hounsell, Marianela Collado, Collado Organizations: Stone, Getty, Census, Women's Institute, CNBC's, Pew Research, Security, Financial, National Institute on Retirement Security Locations: U.S, Plantation , Florida

☆ Why ‘how was school?’ isn’t a good question to ask kids. Here's what to say instead
▼ + stars: | 2023-11-17 | by ( Lucy Handley | ) www.cnbc.com time to read: +5 min

What to say right after schoolBe patient and wait until your child is ready to talk, Deiros Collado said. Only when kids are calm and their basic needs are met can they hold a meaningful conversation," Deiros Collado said. "What" is a much better way to begin, Deiros Collado said. "What did [a teacher or friend] say today?" It's also important to talk about emotions, as they can "show you a different side of your child's day," Deiros Collado said.

Persons: Courtney Hale, Dr, Linda Papadopoulos, would've, Martha Deiros Collado, Deiros Collado, Papadopoulos, Rather Organizations: CNBC

☆ 5 vegan Halloween recipes everyone will love
▼ + stars: | 2023-10-22 | by ( Kristie Collado | Food Network | ) edition.cnn.com time to read: +2 min

(Although, we’ll gladly take a trick-or-treat bucket full of vegan-friendly Halloween candy any day.) And, while you could simply dress your favorite vegan dessert or vegan cookie recipe with black-and-orange decorations for the occasion—but we’ve got plenty of themed ideas that are completely plant-based. Get the Recipe: Witch Finger BreadsticksSpicy Pumpkin HummusMatt Armendariz / Food NetworkCan’t get enough pumpkin? Get the Recipe: Black Bean Swamp DipRoasted Butternut Squash Hummus with Scary Baked Tortilla ChipsFood NetworkEveryone will love Trisha’s boo-tiful hummus. Get the Recipe: Halloween Vegetable Tray Witch with Herb Dip

Persons: we’ll, we’ve, Teri Lyn Fisher, Matt Armendariz, Trisha’s, Herb Organizations: Food, Food Network

It's worth being aware of those financial effects, experts say, because caregiving is an important touchstone in Latino culture. Latino caregivers have high financial strainFamily caregivers spend on average 26% of their annual income on caregiving activities, according to a 2021 report by AARP. The organization calls that measure "financial strain," and bases it on the caregiving expenses relative to a caregiver's annual income. Compared to other races and ethnicities, Hispanic and Latino caregivers have the highest financial strain, AARP found, with caregiving expenses that account for 47% of annual income. Explore claiming your family member as a dependentThere can be financial advantages to claiming a family member you are caring for as a dependent on your tax returns.

Persons: Jose Luis Pelaez, —, Lea, It's, it's, Marianela, Collado, Roberto, Amanda Corral, Roberto Corral Organizations: Inc, Getty, CFP Louis Barajas, International Private Wealth, AARP, Latina, U.S, CNBC FA, Financial, caregiving, Medicaid Locations: , Florida, Irvine , California, U.S, Mexico, Canada, Barajas, Amanda Corral of California, California

"It is the tip of the iceberg publicly of what we used to see privately," Veronica Boquete, who captained Spain at their first World Cup in 2015, told Reuters. In the case of football, the women's team's efforts to combat sexism and achieve parity with their male peers date back nearly a decade. Boquete led a mutiny seeking the resignation of coach Ignacio Quereda after a woeful performance at the 2015 World Cup, the only one his teams reached in nearly three decades. Quereda resigned in 2015 in a statement issued by the federation making no reference to the players' mutiny. Boronat, who interviewed Spain's leading female players for her book "Don't Call Them Girls, Call Them Footballers", said players accused Vilda of micromanaging, such as instructing senior players what to say in interviews.

Persons: Jennifer Hermoso, Jenni, Luis Rubiales, Jenni Hermoso, Veronica Boquete, Boquete, Ignacio Quereda, Quereda, Roser Serra, Mar Prieto, Prieto, Jorge Vilda, Danae Boronat, Spain's, Vilda, Berta Collado, Enrique Cerezo, Carlota Planas, Planas, Boronat, Fernando Kallas, Charlie Devereux, Emma Pinedo, Aislinn Laing, Andrew Cawthorne Organizations: Soccer Football, America, FC Barcelona, Estadio Azteca, Club America, FIFA, MADRID, Spanish, Spain, Reuters, Quereda, men's, Atletico Madrid, Unik Sports Management, Regional, Thomson Locations: Mexico City, Mexico, Spanish, Spain, Cerezo

dowell | Moment | Getty ImagesIf you're sitting on profitable assets, there's a lesser-known tax-gain harvesting strategy, which can help rebalance your portfolio or trim future taxes. While tax-loss harvesting can be popular during a stock market downturn, tax-gain harvesting — or strategically selling appreciated brokerage account assets — can also be beneficial, depending on your financial goals, experts say. One of the key opportunities for tax-gain harvesting is for investors who fall into the 0% capital gains bracket, which applies to long-term capital gains, or assets owned for more than one year. The 0% bracket allows you to sell a certain amount of profitable assets without triggering capital gains taxes, which provides a chance to take the proceeds or rebalance your portfolio, according to Brown. While the so-called wash sale rule blocks investors from claiming a tax benefit after selling a losing asset and repurchasing within 30 days, the law doesn't apply when harvesting gains, Collado said.

Persons: dowell, Judy Brown, Brown, Marianela Collado, Collado Organizations: SC, H, D.C, Financial, CPA Locations: Washington, Baltimore, Plantation , Florida

☆ Spectacular cakes that’ll end your Fourth of July celebration with a bang
▼ + stars: | 2023-07-01 | by ( Kristie Collado | Meghan Hynes Cole | ) edition.cnn.com time to read: +5 min

Matt Armendariz / Food NetworkGet the Recipe: Waving Flag CakeStars and Stripes CupcakesThis impressive dual-frosting detail is easier to re-create than you think. Kate Mathis / Food NetworkGet the Recipe: Stars and Stripes CupcakesFlag CakeSo, you’re a fan of sheet cake? Stir just three tablespoons of red, white and blue sprinkles into the batter to create fun bursts of color in every slice. Matt Armendariz / Food NetworkGet the Recipe: Flag CakeStars-and-Stripes CakeTurn your typical layer cake on its side with a vertical stripe cake. Kate Mathis / Food NetworkGet the Recipe: Red, White and Blue Cake RollFireworks CheesecakeBoom!

Persons: Cakes, It’s, Matt Armendariz, Kate Mathis, Ryan Dausch, Jeff, Jeff Harris, Brent Harrewyn Organizations: Food

☆ Missing tax forms will 'definitely' delay your refund, expert warns. How to know which ones you need
▼ + stars: | 2023-03-02 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

One way to avoid possible issues is by getting organized with the necessary tax forms, known as information returns, sent to the IRS and taxpayers yearly. Here's why: If you skip tax forms received by the agency, the IRS systems may flag your return and mail you a notice, she explained. Whether you're working with a tax professional or filing on your own, here's what to know about your tax forms — and when to expect them. Regardless of your situation, it's important to have all the necessary forms handy before filing your return, Loyd said. watch nowMake a checklist with last year's returnIf you're not sure which tax forms to expect, experts say last year's tax return is a great starting point.

The survey also shows that most credit card users are charging everyday expenses to pay for things they can no longer afford due to inflation. Instead, put yourself in the good graces of your credit card, utility, or mortgage company by reaching out proactively, she says. Consolidate your credit cards into one personal loanCollado also recommends taking out a personal loan to consolidate your credit card bills. When you carry a balance from month-to-month, it can be difficult to get out of credit card debt. A credit card that offers a 0% introductory APR can help you pay off your debt faster if you're carrying a credit card balance.

Under a Biden administration plan, married couples filing taxes separately could get student-loan payments eliminated altogether. When filing separately, you can use your lower AGI to get lower monthly payments. Married couples could lower their monthly payments even more by filing their taxes separately, Hornsby says. Use this equation to calculate your new monthly student-loan paymentsHere's an equation you can use to estimate your new monthly student-loan payments, factoring in the new proposed IDR regulations. When filing separately, married people are no longer eligible to claim the $2,500 student-loan interest tax deduction.

☆ Tax filing season has kicked off. Here's how to get a faster refund
▼ + stars: | 2023-01-24 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Drakula & Co. | Moment | Getty ImagesHow soon to expect a tax refund after filing your returnTypically, you will receive a refund within 21 days if you've filed an accurate, electronic return with direct deposit for the payment, according to the IRS. The timeline changes if you're claiming the earned income tax credit — a tax break for low- to moderate-income workers — or the additional child tax credit. While your finances may change from year to year, your 2021 tax return may provide a rough guideline of what to expect, she said. "Filing an accurate tax return can help taxpayers avoid delays or later IRS notices," the agency said in a recent news release. Always double-check your tax return

☆ These are the key tax forms you need to file your return — and when to expect them
▼ + stars: | 2023-01-24 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

pcess609If you're expecting a refund this season, it's critical to file a complete and accurate tax return to avoid "extensive processing" and delays, according to the IRS. Whether you're working with a tax professional or filing on your own, here's what to know about your tax forms — and when to expect them. When to expect your tax formsWhile most tax forms have a Jan. 31 deadline, others aren't due until mid-February or beyond, said certified financial planner John Loyd, owner at The Wealth Planner in Fort Worth, Texas. Regardless of your situation, it's important to have all the necessary forms handy before filing your return, Loyd said. Review last year's return 'page-by-page'If you're not sure which tax forms to expect, experts say last year's tax return is a great starting point.

☆ Police said a member of Elon Musk's security team is a suspect — not a victim — in what Musk alleged was a 'crazy stalker' incident
▼ + stars: | 2022-12-21 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +4 min

Police are looking to question a member of Elon Musk's security team, according to a statement. But authorities said this week that a member of Musk's security team was a suspect in the incident. The driver of the second vehicle is believed to be a member of Musk's security team, authorities said. "On Thursday, December 15, 2022, South Pasadena Police learned the suspect involved in this case is believed to be a member of Elon Musk's security team," the police statement said. The Tuesday police statement said Collado never indicated that the altercation with Musk's security guard was "anything more than coincidental."

☆ This 'wild card' strategy can help retirees with unpaid quarterly taxes before year-end
▼ + stars: | 2022-12-20 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

If you're retired and skipped your 2022 tax payments, you can still avoid late penalties with an under-the-radar year-end strategy, experts say. Since taxes are due as you receive income, you must withhold levies from earnings or pay quarterly estimated tax payments. You may owe quarterly taxes if you didn't withhold enough from Social Security, pensions or other income. But if you missed paying quarterly taxes, you can correct that mistake through your year-end required minimum distribution, or RMD, which currently begins at age 72. More from Personal Finance:There's still time to reduce your 2022 tax bill with these last-minute moves21% of investors don't think they pay fees.

☆ The 'crazy stalker' Elon Musk said was following 'assassination coordinates' in Los Angeles was an Uber Eats driver with an interest in Grimes, WaPo reports
▼ + stars: | 2022-12-19 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +4 min

The Washington Post found the man who encountered Elon Musk's security at a Los Angeles gas station. Collado told the Post that he arrived at the gas station while making deliveries and to visit a friend. In videos obtained by the Post from Collado himself, Collado can be seen walking in front of a car driven by Musk's security guard. The gas station manager told the Post that the South Pasadena Police Department responded to the incident. Madero said that although his unit has not obtained proof that Collado used jet tracking to locate Musk's security guards, it could be a possibility.

☆ Here are some things to think about before deciding to retire in another state
▼ + stars: | 2022-12-09 | by ( Deborah Nason | ) www.cnbc.com time to read: +4 min

This may include health care, health insurance, rent, home prices, home insurance (especially in a place like Florida), property taxes, transportation costs, etc. Income taxes: It can really impact long-term retirement projections when you move from a state without income taxes to one with state levies on earnings. It can really impact long-term retirement projections when you move from a state without income taxes to one with state levies on earnings. Estate taxes: Many states have much lower estate-tax exemptions than the federal government, which could result in a state estate tax applying to heirs. "Both private health insurance for younger retirees and Medicare Advantage plans have specific service areas," he said.

☆ Chile investigates hepatitis A-tainted raspberries recalled in U.S.
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +1 min

SANTIAGO, Dec 6 (Reuters) - Chile's government launched an investigation on Tuesday after raspberries from a Chilean company were recalled in the United States due to hepatitis A contamination. U.S. Food and Drug Administration (FDA) testing found the presence of hepatitis A in James Farm brand frozen raspberries from the South American country, a major exporter of raspberries, blueberries, grapes and cherries. "The Agricultural and Livestock Service (SAG) has learned of these facts and has ordered an audit of the company," SAG Director Andrea Collado told Reuters, adding that the investigation could lead to a sanctions. The FDA said there have been no reports of illnesses or adverse reactions related to the fruits. Reporting by Fabian Andrés Cambero; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

☆ $2 billion Powerball jackpot winner: The 3 smartest moves to make first—and 1 thing to avoid
▼ + stars: | 2022-11-09 | by ( Mike Winters | ) www.cnbc.com time to read: +3 min

In fact, lottery winners are more likely to declare bankruptcy within three to five years than the average American, according to 2011 academic study. Get professional financial adviceHire a financial team consisting of a fiduciary financial planner, estate planning attorney and accountant "at a minimum," says Brady. A fiduciary financial planner can be found on the National Association of Personal Financial Advisors's website, Collado says. These tips can help people find a financial planner that's a good fit for their needs. But everyone's situation is different, which is why consulting a financial planner is a good first step.

The strategy, which transfers pre-tax IRA funds to a Roth IRA for future tax-free growth, may pay off when the market drops because you can buy more shares for the same dollar amount. Here are three of the biggest Roth conversion errors — and the best ways to avoid them. You'll need to compare the break-even point of the upfront levy on pre-tax contributions and earnings to future tax-free growth, she said. But even if the tax-free growth won't exceed the upfront costs during your lifetime, a Roth conversion can still be used as a "wealth transfer tool," Collado said. Of course, this assumes there are heirs to enjoy the future tax savings.

☆ This 'wild card' strategy offers retirees a fix for unpaid quarterly taxes. Here's how to use it
▼ + stars: | 2022-10-03 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

If you're retired and haven't made the necessary quarterly estimated tax payments for 2022, there may still be time to avoid late penalties, experts say. Retirees must send tax payments four times per year if they don't withhold enough from Social Security, pensions, investments or other sources of income. However, for certain retirees, there's a chance to correct missed payments through required minimum distributions, or RMDs, paid annually at age 72. If you estimated you still owed $5,000 in taxes to meet quarterly estimated tax obligations, you could opt to withhold that amount, remit it to the IRS and receive the remaining $70,000 withdrawal. "People don't know this, but you could have a 100% withholding" by sending the entire RMD to the IRS, Collado said.

TAMPA, Fla. — More than 2 million people in Florida were under orders to pack up and head east to safer ground Tuesday as Hurricane Ian barreled north from Cuba on a path toward Tampa. But Burks, who moved to Tampa in 2005 and has weathered several hurricanes since then, said he's not going far. Many Floridians in more rural areas like Polk County live in trailers that are especially vulnerable to high winds. “Just go straight across the state to Broward, Miami-Dade, Palm Beach.”And "do not go north," because that's where Hurricane Ian is going, he said. Three bridges span Old Tampa Bay, two of which connect Tampa to St. Petersburg and the third of which links to northern Pinellas County.

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