Ask Terry Archives

If I withdraw mutual fund assets from my Roth IRA and transfer them to a taxable brokerage account, how do I determine the tax basis in case I need to sell the funds at a later time?

What bank gives the best rates for money market checking account?

Dear Terry, I am an occasional listener of the business lunch on WGN and I visit the site sometimes for advice. I'm in my late 30's and my wife is in her early 30's. We own a home with a mortgage over 170+. We both have our typical credit card debts and a rather large…

If I purchase a two-family home with my adult son and we are both on the deed and he occupies one unit and I occupy the other and we file separate tax returns then can each of us deduct up to $10,000 in property taxes if the total property taxes owed on the 2-family house…

Good Morning Terry. I enjoy your segments on WGN morning news. Can you share what the major differences between a 529Plan vs an education IRA? Would you recommend one over the other? Thank you! Jenny Patzelt

Terry, I check your site every day and love your advice and guidance, but, I wanted to follow up on a question that was asked a couple of weeks ago regarding the HELOC loans that existed before 2018. I have one that I have used for one of my children's college loans and now carries…

What is a good investment strategy for my mom who is 68 years old with just social security benefits and works. Thank you

I have recently received a notice from the Department of the Treasury that they believe another person used my social security number (SSN) to obtain employment. They sent this notice to make me aware of this incident so that I can take appropriate steps to protect myself from any potential effects of identity theft. They'll…

I am 68 and have move 403 B to Naval Federal Credit Union in 2017. Is it advantageous to move to another FDIC entity prior to 70? I am hoping to be able to secure a higher rate at a FDIC higher than .025. I enjoy reading your insight over the years. Thanks, Tom

Terry you helped us before with Irs trying to collect 13,000 on our home equity payment. We won thanks for your help -anyway we are doing good now. So now we have 50,000 to invest or pay toward out morage(we owe 120,00 at 3.25 rate VA) which move would be better? Thank Much Jim

I am being advised to put all my retirement funds in the Nationwide New Heights 12 yr uncapped index annuity using the Mozaic and Zebra indexes to gain market potential without risk. Yea or nay and why? Thank you

Hi Terry, For the past several weeks I have not found your Sunday column in the business section of the Tampa Bay (formerly St. Petersburg) Times. Has your column been moved to your knowledge, or does the Times no longer publish you. I am sorely disappointed every Sunday that I cannot find and learn from…

Where do I find those forms you had on your website to complete for our spouses and children with all financial information to make it easier for them in case of a death?

We have $1,800,000 in retirement savings. We have no debt. We could take lump sum payments on our pensions that would equal $700,000 or monthly payments that would equal $49,000 annually. My wife is retired and I will work another 4 or 5 years. We are both in good health. Is there a "better" way…

Typically I receive a bi-weekly check, which is naturally taxed. And from the net income I'm able to contribute some into a basic IRA. However, whenever I will receive a distribution I'm taxed again. Double tax the way I interpret. Is it the age of 70-1/2, for no more taxes to be paid on a…

What should I be careful of when looking for long term care insurance. I'm 70 years old.

hi, i have the register app debits and credits . its ok but i feel that there are plenty of better ones. do you know of any and what do you recommend.

How can I get in touch with the Debt Council for Seniors & Disabled? Your article that I read (perhaps on Huffington Post) referred to a website at "debtcouncil.net" which is inactive. Thanks for your help.

what are the qualiforcations forsenior taxexemption

Do you recommended the Illinois plan