| T.R | Title | User | Personal
Name | Date | Lines |
|---|
| 802.1 | Yes, and no... | POBOX::CORSON | Higher, and a bit more to the right | Wed Dec 07 1994 11:23 | 7 |
| Mark -
You can deduct penalties for early withdrawls on a CD against
investment income ONLY. If you have no investment income (ie. dividends
and interest on your IRS 1040), you cannot take the deduction.
the Grayhawk
|
| 802.2 | Sounds ok then... | BUSY::CLEMENT | Smells like Nirvana | Wed Dec 07 1994 14:17 | 7 |
| So I could offset interest from future CDs by the amount of the
penalty.
Off hand do you know if that is applicable to both federal and state
(MAssachusetts)?
Thank you! Mark
|
| 802.3 | What about transfer of funds at maturity??? | HAZEL::YOUNG | where is this place in space??? | Wed Dec 07 1994 15:16 | 15 |
| Since we're on the subject of CD's...i have a CD with BayBank that
matures in FEB95...they have a roll over option but i don't think i
want to keep it in there. The reason is that i may not be in the area
and i like to have my money close at hand.
The question i have is this...if i leave the area before the CD
matures, how can i receive the money??? Do i have to personally
present the CD certificate to get my cash??? Or can i go to another
bank say in another state, and on the transfer date, request them to
transfer the money to either a new CD at that bank or a checking
account????
Doug
|
| 802.4 | Don't have to be present | HELIX::SPIELMAN | jerry dtn 297-4879 | Wed Dec 07 1994 15:57 | 8 |
| re .3
You should be able to fill out a form with the bank that effectively
says ... as of the maturity date you want to certificate cashed in and
a check issued to you. You probably have to know the address for them
to send it to, or,... the bank may only send it to the address used on
the account -- which would introduce some delay and risk. Check with
bank on how to solve this.
|
| 802.5 | now that we are all agreed... | POBOX::CORSON | Higher, and a bit more to the right | Wed Dec 07 1994 22:42 | 8 |
|
Jerry is right. All you need to do is get the bank's form and
have them transfer your CD funds on maturity to where ever you
desire. May I suggest an IRA if you currently do not have one. It's
a tax-free vehicle until age 59.5. Can't beat a deal like that these
days.
the Grayhawk
|
| 802.6 | Sorry, Mark - didn't mean to forget you... | POBOX::CORSON | Higher, and a bit more to the right | Wed Dec 07 1994 22:46 | 10 |
|
Sorry Mark, almost forgot.
You cannot offset future interest, only earned interest in that
year you get CD penalties. This is federal. MA you may have to check
around. I don't know how they handle those line items from a fed. 1040.
Seems like every state has its own little twists these days. Probably
the CPA full employment laws.
the Grayhawk
|
| 802.7 | When it rains, it pours...but i've got a train upstairs!!! | HAZEL::YOUNG | where is this place in space??? | Thu Dec 08 1994 11:36 | 5 |
| Thanks Greyhawk...but i've already got the SAVE program working and
this is my rainy day fund...which unfortunately it looks like i'm gonna
need here soon.
Dugo
|
| 802.8 | Makes me sad also... | POBOX::CORSON | Higher, and a bit more to the right | Thu Dec 08 1994 17:17 | 6 |
|
That is too true for too many of us these days. Sigh....
What this company really needs is another DECworld!!!!
the Greyhawk
|