Ask Kim

Tax Breaks for Child-Care Expenses

We set aside $5,000 last year in a dependent-care flexible spending account through work to pay for my son's child-care expenses. However, we ended up with out-of-pocket expenses in excess of $5,000. Can we also...

Reporting HSA Contributions on Your Tax Return

Last year was my first with a high-deductible health plan combined with a health savings account at work. What do I need to report concerning the HSA when I file my taxes? When you file, you'll need to include...

Doubling Retirement-Savings Plan Contributions

I'm about to start a new job, and my new employer says I can contribute to a 403(b) and a 457. Can I really contribute to both retirement plans, or do I need to pick one or the other? And what happens if I...

Taking a Delayed RMD

I turned 70 1/2 last year but decided to wait to take the required minimum distributions from my IRAs until April 1 of this year. How do I calculate my RMD? Do I have to take another RMD by December? You have...

Signing Up for Commuter Benefits

My employer lets us set aside pretax money for commuting costs, but I didn't sign up at the beginning of the year. I just moved, and now I take the subway to work. Can I still get the subsidy? How much is...

Signing Up for Health Insurance Outside of...

I'm planning to retire later this year, after I turn 62, and I won't have retiree health insurance. Can I sign up for coverage on my state's exchange, even though it will be after the open-enrollment deadline?...

Don't Miss Out on This Credit for College Costs

My son is a junior in college, and I pay his tuition. Can I take the American Opportunity Credit when I file my 2013 taxes? Yes, as long as you meet the income requirements and your son was enrolled at least...

Tax Breaks If You're Self-Employed

I was a self-employed consultant for part of 2013 and want to make sure I don't miss any tax breaks when filing this year. I've never had self-employed income before. What deductions can I take? Whether you were...

Don't Overlook the Retirement Savers' Tax Credit

You mentioned the retirement savers' tax credit in your article about President Obama's MyRA plan. How does this credit work, and who is eligible? The credit is 10%, 20% or 50% of your contribution to a...

Navigating New Rules for Flexible Spending...

I read in your column a few months ago that some people can now carry over $500 from their flexible-spending accounts after the deadline for spending the money. Do I still have to use up last year's money in my...

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