The stimulus checks are on their way. The coronavirus relief bill, signed March 27 by President Donald Trump, provides payments of as much as $3,400 for families, based on 2019 tax returns for those who have already filed and information from 2018 if they haven’t. If you’re one of the people looking froward to this
shot of social security card Kameleon007 People who receive Social Security benefits and who do not submit tax returns will not have to file in order to get a government stimulus check. The announcement by the Treasury Department and Internal Revenue Service on Wednesday night reverses earlier guidance that said those people would have to
NoDerog | iStock | Getty Images There may be a catch for individuals who typically don’t file a tax return but are expecting to receive a stimulus check. They may have to send a return to the government in order to get paid. New guidance was released on Monday by the IRS, which said there
Many Americans should be encouraged that the government is likely to pay them $1,200 apiece amid the coronavirus economic downturn. There’s one problem, however: The money may not stretch very far — because the rent is too darn high. Last week, Congress ushered in a $2 trillion stimulus bill aimed at propping up the economy.
NoDerog | E+ | Getty Images Those government stimulus checks should be on their way soon to millions of Americans. Many people have still have a lot of questions about them. Last week, Washington lawmakers approved a $2 trillion relief bill in response to the coronavirus outbreak that includes a payment of $1,200 for single taxpayers
Don’t be surprised if your employer pauses its contributions to your 401(k) plan during the U.S. economic downturn. As the coronavirus pandemic wallops the economy, and businesses deal with dropping revenue and limited cash flow, employers are exploring how to trim their obligations to those plans without violating federal regulations. Companies commonly give to worker’s
Amid a global pandemic and sharp economic slowdown, college-bound high school seniors are giving their state schools a second look. Thanks to heightened financial concerns, students and families may be more likely to choose local and less-expensive public schools rather than private universities far from home, according to Robert Franek, editor in chief of The Princeton Review
US President Donald Trump participates in a meeting with Supply Chain Distributors to discuss the response to COVID-19 at the White House in Washington, DC, on March 29, 2020. Jim Watson | AFP | Getty Images This year, heirs of retirement accounts can bypass mandatory withdrawals from those IRAs. The coronavirus relief bill, which President
Getty Images The coronavirus has put the brakes on the economy. However, many individuals still face due dates for payments on lingering credit card balances. A new survey from CreditCards.com finds that 59% of credit card holders – or 110 million adults – entered the coronavirus pandemic and subsequent slowdown with credit card debt. Many
JGI/Jamie Grill There’s one thing you may be overlooking when it comes to managing your cash during the coronavirus outbreak — your health savings account. An HSA is a savings account you can use to pay for qualified medical expenses. You contribute momney pre-tax, the savings grow tax-free and your withdrawals generally aren’t taxed. HSAs
College acceptance letters are already in the mail. Now high school seniors must decide their fate for September. Up until now, National College Decision Day, the deadline for high school seniors to choose which college they will attend, has always been May 1. This year, however, the global coronavirus pandemic and extreme economic uncertainty have pushed many
New Jersey Governor Phil Murphy speaks after taking the oath of office in Trenton, New Jersey, January 16, 2018. Lucas Jackson | Reuters New Jersey homeowners whose finances have been affected by the novel coronavirus will get a 90-day reprieve on their mortgage payments, said Gov. Phil Murphy on Saturday. Lenders will also waive late
Andrew Cuomo, governor of New York, speaks during a news conference at the Jacob Javits Convention Center in New York, U.S., on Friday, March 27, 2020. Angus Mordant | Bloomberg | Getty Images New Yorkers are getting more time to submit their 2019 income tax returns to the Empire State. Individuals filing a New York
The pandemic affects everyone — even cats and dogs that are clearly surprised at the change in routine. Younger children might not understand everything that’s going on, and older ones might realize life has changed but not know how to get clarity from their parents. The current situation is different from anything anyone’s experienced in
A ride share driver picks up passengers at O’Hare Airport on April 10, 2019 in Chicago, Illinois. Scott Olson / Getty Images Earlier this month, as talk of a new virus outbreak in the U.S. revved up, Robert Richwine, an Uber driver in Columbus, Ohio, devised a game plan to try to stay on the road.
Tetra Images | Getty Images Congress passed new legislation Friday that will put stimulus relief checks in the hands of millions of Americans. The checks will amount to $1,200 for those who earn $75,000 or less, and $2,400 for couples making $150,000 or less. The legislation now heads to the desk of President Donald Trump,
Cabania | iStock | Getty Images Plus Congress has passed a $2 trillion coronavirus stimulus bill, and you’re probably already counting up the money you could receive in relief checks — if you’re eligible. Generally, individuals who earn $75,000 or less qualify for $1,200 one-time payments, while couples making $150,000 or less may receive $2,400.
US Speaker of the House Nancy Pelosi signs the bill after the House passed a $2 trillion stimulus bill, on March 27, 2020, at the US Capitol in Washington, DC. Alex Edelman | AFP | Getty Images For people who turned 70½ last year and were required to take a withdrawal from their individual retirement
EmirMemedovski The coronavirus pandemic has touched every aspect of each American’s life. Money may be the top issue for many, especially if you’ve lost your job or had your hours cut. The Senate just passed a $2 trillion stimulus package — the Coronavirus Aid, Relief and Economic Security Act, or CARES Act. The House is
Yellow Dog Productions What does the legislation do? The bill — the Coronavirus Aid, Relief and Economic Security Act — expands unemployment insurance, a program enacted in 1935 to provide temporary income support for workers who lose their jobs. The legislation does three primary things: offers bigger unemployment checks, increases the duration of those payments and extends
Small businesses are getting a potential lifeline from Congress. The massive $2 trillion economic rescue package — expected to get final approval from Congress on Friday — includes provisions aimed at helping smaller employers weather the economic storm brought on by the coronavirus pandemic. “We are cautiously optimistic that this will provide the cash flow
Everyday Americans are about to get a one-time cash infusion. As part of a relief bill to combat the economic impact of the coronavirus pandemic, the government is expected to provide payments of up to $1,200 for individuals or $2,400 for married couples, up to a certain income threshold, as well as $500 per child.
NoDerog | iStock | Getty Images As Congress pushes through a $2 trillion stimulus bill, some Americans can expect checks from the government to help them cope with the economic devastation stemming from the coronavirus crisis. Those payments are expected to be $1,200 for individuals, or $2,400 for those who are married and file income
An ambulance sits outside the US Capitol in Washington, DC, March 23, 2020, as the Senate continues negotiations on a relief package in response to the outbreak of COVID-19, known as the coronavirus. Saul Loeb | AFP | Getty Images The historic stimulus package Congress is expected to pass to inject relief into an economy
Jamie Grill | Getty Images More than a decade ago, the markets were sent into a tailspin during the financial crisis of 2008-2009. But it turns out investors who left their retirement nest eggs alone fared best. That’s according to research from J.P. Morgan, which used the firm’s own data combined with research from the
katleho Seisa Congress may permit retirees to skip required minimum distributions from their retirement savings. The House coronavirus relief bill, which was released yesterday, contains a provision that waives for 2020 the required minimum distributions from individual retirement accounts and workplace retirement plans. A similar provision is in the latest version of the Senate bill.
The Treasury Department and the IRS are giving you more time to sock away money in tax-favored accounts – and have it count for 2019. The IRS announced that savers now have until July 15 to make 2019 contributions into their individual retirement accounts and their health savings accounts, which are typically paired with a high-deductible
David Goetsch, co-executive producer of “The Big Bang Theory,” on the show set. David Goetsch I can’t stop reading the news about the coronavirus and its impact on the economy. My brain is hardwired to obsess on a crisis, even one which doesn’t impact me directly. Everything else gets pushed to the periphery while one
Getty Images Several Democratic senators have teamed up to propose giving Social Security beneficiaries an extra $200 per month in the wake of the coronavirus pandemic and the economic devastation it is causing. The plan was put forward last week by Sens. Elizabeth Warren, D-Mass.; Chuck Schumer, D-N.Y.; and Ron Wyden, D-Ore. The extra income
Before the coronavirus pandemic brought the U.S. economy to a near halt, millions of student loan borrowers were already struggling to keep up with their monthly bills. Now, as more people find themselves with less or no income during the pandemic, consumer advocates and former government officials say the Trump administration’s efforts to help student loan borrowers