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Show Page 2C The Summit County Bee Programs Offer Eligible Low Income Consumers Help with Phone Bills Thun: are two special programs aimed at assisting eligible consumers with their telephone bills. One helps consumers with telephone connection fees and the other with monthly hills. The programs arc called Li and informaand Link-Up- " tion about them can be obtained from your local phone company and State Utilities Commission. The Lifeline program provides between $3.50 and $7.00 per month to assist with monthly charges. The amount will vary depending on decisions made by the state commission. such as whether to provide stale support. But eligible low income consumers will receive at least a $3.50 reduction on their telephone bill from the federal universal service support program. The reduction applies only to a single phuneOnc line at the qualifying consumers' principal place of residence. To qualify for Lifeline" in states that provide state support, a consumer must meet the certain criteria established by the stale comlow-incoi- e" mission. In states that do not provide slate support, to be eligible a consumer must participate in one of these programs: Medicaid; food stamps: Social Security Income; federal public housing assistance; or the Home Energy Assistance Program. All qualifying consumers are eligible for single party service, access to emergency services, operator and directory assistance, and free toll limitation services", in the carrier is capable of providing those Low-Inco- services. Toll limitation includes toll blocking (which prevents the place- ment of any calls) and toll control, which limits the calls to a amount of dollar amount by the consumer. Carriers providing Lifeline" may not collect a service deposit in order to initiate Lifeline" service if conthe qualifying sumer voluntarily elects toll blocklong-distan- ce long-distan- ce low-inco- ing. The other program, offers eligible Link-Up- ", con- low-inco- sumers: a reduction in the local telephone company's charges for starting service (the reduction is one-ha- lf of the telephone company's charge or $30.00, which ever is less) and deferred payments with no interest on charges for starting vice. ser- docs not reduce or eliminate any permissible security Link-Up- " deposits. The Link-Up- " reduction applies to a single telephone line at the eligible consumers' principal place of residence. Consumer qualifications for Link-U- p are the same as for Life- line". Consumers should check with their slate to sec what they qualify for. ( This article is an unofficial announcement. Only release of full text of Commission order constitutes official action. For more information, write the FCC Office of Public Affairs, Public Service Division, 1919 M Street NW, Room 254, Washington, D.C., 20554.) Q on Your Money and You & A Q How would I get information about a company before investing money in its stock? New Orleans, La. A Contact the company's shareholder relations department and ask for a prospectus. You can And out where the company is located in the library. The prospectus is a pamphlet that describes what . the company docs, who manages it, and what its business goals are. In other words, it tells what the company's managers think of its prospects for growth and profit. You'll want to think about whether there is a growing demand for the company's product or service, whether the management has a good track record, and the ratio between the company's earnings and the price of its stock. Of course, a stockbroker can provide this information. also. Q I have an inheritance and I was thinking of investing it in a house as rental property for income. Is that a good idea? Durham. N.C. A It depends on you. Renting a house is like owning a small business. It is a hands-o- n job. As landlord, you will be responsible for keeping the plumbing working, the roof from leaking, and 1 sixlh-grailc- Advertising (Pays! your Ad In the (Place Summit County Today (Bee rs ed or imagination." intelligence The Highlights Following arc some of the most interesting responses to the Kids' Take On Taxes II survey questions: 88 say. Taxing my allowance would be a bad thing. 65 10 say, Overall, taxes are a good thing. distributions are not required to years, distributions of Roth IRA at age 591, earnings are tax-frdeath, disability or for first-tim- e home purchases ($10,000, one time). AH other Roth IRA distributions arc taxable and subject to a 10 tax penalty. The penalty does not apply for distributions due to disability, excess medical expenses, purchase of health insurance for an unemployed individual or education Q. Can a 40 ( k) or 403(b) account be rolled over into a Roth expenses. Q. What happens when I reach age 70Y? A. Contributions can continue if the eligibility requirements are met. Unlike a traditional IRA. minimum someone else to do the work. You'll have to learn about contracts, collect the rents, and pay the taxes. You'll need good records of your expenses. Operating rental properties can be profitable, but you must invest the time and effort required for doing it right. Q I make good money, but I'm always broke. It's my fault, of course, because I go to the sports bar on the weekend and spend it. Can you give me some quick and easy advice that will put me back into the black to stay? I'm trying to change my life. Foil Wayne, Ind. A Sure.. Quit smoking Don't drink alcoholic beverages.. Don't buy lottery tickets. Hang up on telemarketers. .Cancel all but one of your credit cards. Drive a used car. Pay bills with cash or money orders.. Invest each month in a reputable mutual fund. Q As a person, can I set up a and to reduce my for save to retirement plan current taxable income? Union City. New Jersey A Yes. Take a look at setting up a Keogh (NAPS) A majority of 8 to 1 year olds nationwide think Barbie would pay more income tax than G.I. Joe perhaps because her many occupations put her in a higher tax bracket than an Army Private, who earns about $12,100 annually. That's just one of the many enlightening responses from Kids' Take On Taxes II, the second annual survey sponsored by H&R Block. The survey features the responses of 303 third to nationwide who were asked a variety of questions. We created Kids Take On Taxes to get a feel for what tomorrow's taxpayers think about income tax, says Tom Zimmerman, president. H&R Block Tax Services, Inc. We had a lot of fun the Ant time, so we conducted Kids' Take On Taxes II. And trust me, never underestimate a child's time. Additionally, if the Ruth IRA has been established for at least Ave ee the paint from peeling. If you are handy with tools, you may be able to save the cost of repairs and maintenance. Otherwise, you'll have to pay Plan, which is a (key-o- h) plan for retirement persons. It currently allows you to contribute a certain percentage of your earned income. Invested, this fund grows larger each year for your retirement. You'll need some expert help in setting it up. Ask one of the leading mutual fund companies for advice. brown envelope Q I got this official-lookin- g in the mail and I thought it was from the IRS because I had just filed my returns. When I opened it. it turned out to be advertising for a condo sale. This sort of thing ought be against ed the law. Seattle, Wash. A It probably is against the law. The Decep- tive Mailings Prevention Act of 1990 places e restrictions on these mailings. The mailer must have a legitimate government connection, approval, or endorsement. Give it to your postmaster with a note from you. Do you ham a question about money matters ? Write to Trawlers or your financial Express, 1850 N. Central Ave., Phoenix, AZ 850772452. Send a stamped envelope for a personal reply. For individual financial guidance. look-alik- wit-being- d, Majority of Kids Think Barbie Would Pay More in Income Taxes Answers To Commonly Asked Questions on the Roth IRA (NAPS) It's never too early to begin saving money for your retirement. investment experts say. And. stay informed uf changes to the tax laws as they can create new options in retirement planning. noted a spokesperson for Diversified Investment Advisors, a national investment advisory Arm specializing in retirement plans and services. One recent important change to the tax laws resulted in the introduction of the Roth IRA. Here are the answers to frequently asked questions about the Roth IRA: Q. What is a Roth IRA? A. A Roth IRA is like a traditional IRA in reverse. In a traditional IRA, contributions may be and distributions are taxed as income. In a Roth IRA. contributions are not taxdcductiblc. but earnings can be tax free. Q. How much can be contributed to a Roth IRA? A. Individuals can contribute up to $2,000 per year. Q. Who is eligible to contribute to a Roth IRA? A. A single filer with an adjusted gross income (AGI) less than $95,000 can contribute up to $2,000 each year. Joint filers with an AGI less than $150,000 can contribute up to $2,000 each, eligibility phases out for a joint AGI between $150,000 and $160,000. Q. Are withdrawals from a Roth IRA available? A. Yes. Contributions are availdistributions at any able for tax-fr- May 15, 1998 begin at age 70 say, I think Bill Clinton pays more taxes than Tiger Woods. say. Tax dollars should be spent on helping the poor. say, My parents are crabby and mad' when they do their taxes. A Difference A Year Makes Forty-si- x percent of the kids interviewed for the first survey chose crabby and mad" to describe their parents at tax time. This time, only 39 percent chose the same descriptor. Another major change, 63 percent of the kids said they had heard of the IRS. compared to 53 percent previously. However, only about a quarter of them specifically mentioned taxes when asked what the IRS docs. When kids were asked whether they believe income taxes are a good a 13 percent thing or a bad thing, 65 percent noted a good thing increase from Kids' Take On Taxes I. How about paying taxes on their allowance? A whopping 88 percent said no way way up from last time when 70 percent turned thumbs down. 55 42 39 What May is MAYTAG Month! . 1 IRA? A. No. Q. Can a traditional IRA be converted to a Roth IRA? A. Yes. An individual or a married couple filing jointly with an AGI less than $100,000 can convert a traditional IRA to a Roth IRA. Taxes are due on the amount at the time of conversion. However, if the conversion is done in 1998, the tax- able distribution can be reported over four tax years. 0.MAYTAG MAYTAG LAT9406 Give Mom a gift shell Love to use all year! ffiteflssir AIlSaumis 6544623 650 West too South |