Andy | Saving to Invest

Secure Act Changes To Required Minimum Distributions (RMDs) for IRAs, Roth, 401Ks and Annuities – Latest 2023 News and Updates

[2023 Update] The SECURE 2.0 Act is a new law that aims to strengthen the nation's retirement system. Some of the key changes brought about by the Act include increasing the age at which required minimum distributions (RMDs) must be taken from retirement accounts to 73 starting in 2023 and…

Why The $300 Cut to the Original $600 FPUC Unemployment Stimulus Benefit and 2021 Extension is a BIG Deal

Congressional leaders and the President have now approved a $900 billion stimulus plan that includes funding for extending federal pandemic programs (PUA, PEUC) and providing another supplementary unemployment benefit (FPUC) of $300 per week for millions of unemployed or underemployed Americans. This new $300 payment will be made to eligible recipients between December 27th,…

Where is My $600 Weekly Unemployment Stimulus Check and Getting it With PUA and PEUC to the end of 2020

Many unemployed Americans are now seeing unemployment stimulus checks coming through on a more regular basis, despite the widespread claim processing and payment issues. Large states like California, Texas, Florida and New York are leading the way with payments being caught up for past weeks where recipients were eligible. Further,…

Is unemployment expanding? Are governments getting checks in people’s hands? Are banks suspending mortgage, rent and debt payments?

The title of this post reflects some of the main questions I see across various traditional and social media channels with the Coronavirus Pandemic in full flight. Here are some answers to these including support programs in place Is unemployment expanding? The short answer is Yes. Federal and state governments…

A Little Help for Those in Need…

On my post around the Coronavirus outbreak delaying tax refunds I recieved the following comment from Andrea: My husband is a barber and self-employed and due to him being self-employed we can’t get unemployment to do all together we’re pretty much screwed all barber shops in all beauty salons got…

2020 Emergency 14 Day Paid Leave Benefit Under Coronavirus Relief Bill

The recently passed Families First Coronavirus Response Act (FFCRA) creates a new federal emergency paid leave benefits program where eligible workers will receive a benefit for a month (up to three months) in which they must take 14 or more days of leave from their work due to the qualifying…

Enhanced 2020 Unemployment Insurance Benefit Payments and 2021 Extensions to Tackle Coronavirus Fallout – $300 FPUC, PEUC and PUA

Congress had passed the CAA which includes provisions that include enhanced unemployment benefit extensions and an additional $300 weekly supplementary payment. The new funding measures have extended PUA and PEUC programs by another 11 weeks allowing those with existing balances to rollover remaining weeks and additional weeks for those who…

Beware COVID Stimulus Scams for IRS Tax Data, Bank Payment Information and Personal Details

[Update] - With the multi-round Coronavirus stimulus relief payments being paid out based on past year(s) tax return data (or SSI payment data), there has been a spike in emails, text and telephone scams where criminals are purporting to be from the IRS or Treasury asking for you to provide…

2020 Fiscal Economic Stimulus to Combat Recession Fears Amid Coronavirus (Covid-19) Outbreak

[Latest Update] In addition to the FFCRA act, Congress has now passed a much larger fiscal stimulus bill (the third one) aimed at addressing the rapidly deteriorating jobs and economic situation as the Coronavirus related shutdown continues. The new stimulus package is nearly $2 Trillion (that's right, 12 zeros!) and…

2019 – 2020 Tax Filing Season Deadline Extended for 90 days to July 2020

With the Coronavirus shutting down several public institutions and forcing teleworking for millions of government employees, the IRS has announced, under the national emergency provision to tackle the Coronavirus, that they will postpone the April 15 tax-payment deadline by 90 additional days. This will affect and likely help millions of…

HDHP (with HSA) can be used to Cover Cost of Coronavirus Testing

The Internal Revenue Service today advised that high-deductible health plans (HDHPs) can pay for 2019 Novel Coronavirus (COVID-19)-related testing and treatment, without jeopardizing their status. This also means that an individual with an HDHP that covers these costs may continue to contribute to a health savings account (HSA). In Notice 2020-15,…

What to Do In Times of Stock Market Mayhem – Your 5 Step Sanity Checklist

It seems like 2008 and March 2020 all over again as stock markets around the globe continue to free fall against the backdrop of higher inflation and interest rates. This is compounded by ongoing geopolitical issues (Russia's unprovoked invasion of Ukraine) and the still present Coronavirus (COVID-19) and subvariants raging…

2020 Payroll Tax Deferral – When Will It Start and How Much Extra in My Pay Check?

Per Trump's order (see below) to suspend employee payroll taxes for 2020 and defer them to 2021, many eligible workers will enjoy a temporary boost to their paychecks in 2020. See this article for more details on how this is implemented per IRS guideline. The employee payroll tax break is equivalent…

Will Coronavirus (Covid-19) Impacts Delay my 2019-2020 Tax Refund Due to IRS Processing Slowdowns

2020 Coronavirus Tax Refund Delays (This is a live article that is updated regularly) As the Coronavirus impact widens we are already seeing major hits to the real economy that will take the US into a recession in 2020 and into 2021. While stock markets are falling rapidly (don’t panic…