Vincenza Vicari-Bentley, AFC
Empowering Financial Wellness Lead Program Coordinator
Both Roth IRA and Traditional IRA have their own advantages and disadvantages. The best choice depends on your current and future financial situation, tax bracket, and goals. Yes, you can have both at the same time. However, your total contributions to both accounts cannot exceed the annual contribution limit set by the IRS each year.
May marks the beginning of warmer weather, summer barbecues and celebrations recognizing the end of another school year. As you enjoy this month, join my529 in celebrating National 5.29 Day by taking advantage of a special offer. my529, Utah’s educational savings plan, has been helping families save for education for more than 25 years, and we take part in National 5.29 Day by making it easier for you to invest in the future.
A special offer
We are celebrating 5.29 Day for the entire month. Open a new my529 account between May 1 and May 31, 2022, and you could be eligible to receive up to $40 contributed to your account. Find more details and information about this offer at my529.org/529-day.
In addition to National 5.29 Day, my529 and the Utah State Library are once again partnering this year to offer the Book Your Summer reading award. Book Your Summer is an opportunity to get your children reading all summer while entering your name in a random drawing for one of four $1,000 my529 college savings scholarship accounts.
Amanda H. Christensen, AFC, Extension Associate Professor
Utah Money Moms Editor
Is it really worth the hassle to sit down with your teen and fill out a 1040 Form in addition to worrying about your own taxes this time of year? Y.E.S. Today I'm sharing three reasons why the benefits of teenagers filing a tax return for their seasonal income working summer or holiday jobs is well worth the minimal hassle. Here's some need-to-know personal finance knowledge if you're the parent of a teen.
When do Teens Have to File a Return? Americans are legally required to file a federal return when they make at least the standard deduction for the 2021 tax year which is $12,550. Earn less than that, as many teenagers do, and you don’t have to file.
KristiLyn Wilkinson, AFC Candidate, Empowering Financial Wellness Program Manager
Here at Utah Money Moms we spend a lot of time telling you how to save your money, increase income, decrease expenses, spend according to your financial values, and reach your financial goals. Unfortunately, if you lose your hard earned money in an investment scam that work is all for nothing. We need to be smart about saving, spending, and growing our money! I worked for four years as a securities fraud investigator for the Utah Division of Securities. This Halloween season I don’t want to scare you away from investing, or create fear surrounding money, I want to arm you with the tools to make good financial decisions surrounding the money you invest! The following items are some red flags/things to be aware of to help you avoid investment scams!
Alicia Nelson-Bell, Finance Intern
The way you balance your investments should be based on your timeline to achieve your goals and your risk tolerance. Risk is inevitable when it comes to investing, but it doesn’t need to be something that you find yourself stressing over so much that you lose sleep worrying about the amount of risk you are taking, so it is important to know your risk tolerance and choose your balance of investment vehicles accordingly. There are risk tolerance quizzes online that you can take for free to help you figure out your level of risk tolerance.
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