Q: (True or false): Taxpayers who got direct deposits of 2021 child tax credits last year could have lower refunds or higher taxes due than expected on returns they’re preparing now. A: True. Millions of taxpayers received partial prepayments of expanded child credits for 2021 last year via direct deposit. As a result, these amounts…
Month: February 2022
NFTs and Crypto are the new multilevel marketing
“In a recent ad for cryptocurrency exchange FTX, Tom Brady asks seemingly everyone in his contact list, ‘You in?’ As in, are you going to join him in buying some crypto, and not, presumably, in being a football star married to a supermodel. The pitch is straightforward celebrity-endorsement fare, designed to capitalize on the FOMO…
Roth IRA conversion calculator
Bankrate provides a calculator to help you make decisions on converting traditional IRA funds to a Roth IRA (individual retirement account). “A conversion has advantages and disadvantages that should be carefully considered before a decision is made. This convert IRA to Roth calculator estimates the change in total net worth, at retirement, if you convert…
Why Claiming Social Security at 64 or 67 Could Be a Big Mistake
Most Americans in good health benefit by delaying claiming Social Security retirement benefits to age 70 because their benefit increases with each year of delay past age 62 (up to 70), the first year of qualification. Social Security provides inflation-linked longevity insurance and, up until Covid, life expectancy was increasing in the U.S. You can…
Medicare Surcharges
What you need to know about medicare surcharges by Tim Parker Updated December 04, 2021 Reviewed by Erika Rasure Fact checked by Emily Ernsberger You’ll pay Medicare surcharges, as well as premiums for Part B and Part D coverage, if your household has more than $182,000 in income combined, or $91,000 if you’re single.1 Medicare…
Dealing with Inflation’s effect on savings
The consumer-price index jumped 7.5% in January compared to a year earlier, its steepest rise since February 1982, the Labor Department reported. The core price index, which excludes energy and food prices, rose 6% year over year, also marking a nearly 40-year high. Savings accounts are paying far less than 1%. It’s time to check…
RMDs: An IRS Change is Making Them Smaller in 2022
The way you calculate your required minimum distribution (RMD) just changed. “The methodology of calculating your required minimum distribution (RMD) is rather simple. Your yearly RMD is calculated using a formula based on the IRS’ Uniform Lifetime Table. Basically, this table estimates the maximum number of years (also known as distribution periods) your retirement account…
College Scorecard: Find the right higher ed fit for you
The Department of Education’s College Scorecard website https://collegescorecard.ed.gov/ is designed to help you find the best higher education institution for your needs. You can ask to “Show me Options” to search nearby schools, institutions where most students graduate, and other options. Search “Fields of Study” to find the best institution for your career goals. Already…
Equifax Breach Settlement (Credit Monitoring Instructions and Activation Code)
“In September 2017, Equifax announced a massive breach had exposed the personal information of approximately 147 million people.People’s names, Social Security numbers, birth dates, addresses — and in some instances driver’s license numbers, credit card numbers and other personal information — were compromised, putting millions of folks at risk of identity theft and other fraudulent…
Valentine’s Day Romance Scams
On Valentine’s Day we celebrate love. But did you know that Americans report losing more money from romance scams than any other fraud type? And while romance scams affect every age group, older adults aged 70 and older reported the highest median dollar loss from romance scams. To avoid online romance scams, here are…