KJH Financial Services
Kimberly J. Howard, CFP®, CRPC®, ADPA®, is the founder and owner of KJH Financial Services in Newton MA and Denver CO. She is a Certified Financial Planner™ practitioner and has over twenty years of experience in financial management and education goals through effective comprehensive financial planning.
Kimberly holds a Master of Science degree in Computer Science Information Management from Boston University. She earned a Bachelor of Science degree in Mathematics and Physical Education from Stephen F. Austin University in Texas. She attended Boston University for her Certification in Financial Planning and H&R Block for Tax Preparation Certification.
Kimberly is where she teaches General Financial Planning Principles, Income Tax, Retirement Planning and Estate Planning. She is a past adjunct faculty member at Boston University and The College for Financial Planning.
Kimberly is a member of the Financial Planning Association (FPA) and The National Association of Personal Financial Advisors (NAPFA). She was named to the Metropolitan Who's Who Among Executive and Professional Women. She is an expert Advisor for Morningstar .
Kimberly promotes a life planning approach with a balanced work/life style. She is active in sports including cycling, golf, skiing, and hiking.
BS, Mathematics, Stephen F. Austin
MS, Computer Science, Boston University
Interview with Kimberly J. Howard, CFP
Financial Goals by Kimberly J. Howard, CFP
The amount is included in your 2018 income taxes. You will receive a 2018 1099-R. On the waiver, be sure and explain your situation why you were not able to take the distribution. Also, put the date you did take the RMD.
Keep your tax records for a minimum of 3 years. After that, it depends on your situation as to the length of time. If you wrote off a bad debt, better keep them for 7 years. If you have a small business, 7 years may serve you best. Be sure to keep not only a copy of the return, but all the supporting documents.
Kimberly J Howard, CFP
Here is my article on FICO scores - https://kjhfinancialservices.wordpress.com/2010/03/31/what-is-your-credit-score/
What is your credit score and does it matter? The most commonly used credit score is the FICO score and it really matters to your financial health. The FICO credit score was created by Fair Isaac Corporation in 1958 and it has stood the test of time. Based on the company’s scientific analysis and calculation, they determined the highest score will be 850. Congratulations to all of you with the highest score! However, for most people, their score does not reach those heights. Each lender has their own way of interpreting the score. Most lenders agree that any score above 750 is considered excellent, scores around 650 are fair and scores under 600 are considered poor. The closer you are to a 750 score, or above, the more likely you will be approved by the lender and pay lower interest rates. Next, let’s take a look at ways to give your FICO score a turbo boost.
The first and most important is to pay ALL your bills on time. Late payments and not paying those bills can really hurt your score. Next be sure and keep balances on credit cards as low as possible. Paying off debt is a much wiser choice than moving debt from credit card to credit card. Pay off the credit cards with the highest interest rates first. Every time you apply for and open a new credit account your score goes down, so be wise with those applications received in your mailbox. Raise your score by having lower balances compared to your credit limit and maintaining a longer credit history.
Your FICO score summarizes your credit risk and is based on your credit report. You must request and inspect your credit report at least annually. Each year you can receive a free copy of your credit report from www.annualcreditreport.com. There are a number of other websites that say you will receive a free credit report, but if you have to provide a credit card to get a free report then it is not really free. Only www.annualcreditreport.com provides ‘free and no strings attached’ reports. Reports are provided from the three major credit reporting agencies (Equifax, Experian and TransUnion). Once you have your reports in hand, do not stop because you still have work to do. Verify the reports and determine if there are inaccuracies. Clear up anything that is not correct by contacting the credit reporting agencies with the correct information. Inaccurate information can cause you to be denied credit or pay a higher interest rate.
Kim Howard, CFP
You can contribute to both an employer sponsored plan (401k) and a traditional IRA in the same tax year, but there are restrictions. Your income is the driving factor to determine if the traditional IRA will be a tax deductible or not. For 2016, single filing with AGI of $61,000 or less are allowed full income tax deduction for contribution made to a traditional IRA. For married filing jointly, the AGI limit is $98,000 or less for full tax deduction. For single filers with AGI over $71,000 there is no tax deduction, while married filing jointly AGI of greater than $118,000 are not allow a deduction. Between the upper and lower AGI limits a partial deduction is allowed. More information can be found on the IRS website -- https://www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/2016-IRA-Contribution-and-Deduction-Limits-Effect-of-Modified-AGI-on-Deductible-Contributions-If-You-ARE-Covered-by-a-Retirement-Plan-at-Work
Self-employed 401(k)s can be FDIC insured if held at a FDIC bank. For each account holder, FDIC insurance covers $250,000 for bank failure. If your 401(k) is held somewhere other than a FDIC insured bank, then you will not have FDIC insurance. Most financial institution are covered by SIPC insurance. This is similar to FDIC. SIPC insurance covers insolvency of the financial institution or fraud by the financial institution.
It is important to note that FDIC and SIPC do not cover loss in market value.