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IRS Just Sent You An Extra Stimulus Payment

Details: Diccon Hyatt is a news reporter for The Balance covering public policy, the U.S. economy, mortgages, and more. He has covered business and community news for the past 14 and earned his bachelor's from the University of Delaware.

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How Much Retirement Savings Should You Have Right Now

Details: Remember, when you're young, saving and investing for retirement should be a long-term strategy.The money in your 401(k) and IRA may be invested in various securities, such as stocks, bonds, ETFs, and more. While the market may be volatile at times, historically it …

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Donation Value Guide for 2020

Details: Beverly Bird—a paralegal with over two decades of experience—has been the tax expert for The Balance since 2015, crafting digestible personal finance, legal, and tax content for readers.Bird served as a paralegal on areas of tax law, bankruptcy, and family law. She has over 30 years of writing and editing experience, including eight years of financial reporting, and is also a published

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Things to Know Before You Retire at 62

Details: If you're aiming to retire at 62, you aren't alone, since 63 is the average retirement age in the U.S.   Before you turn in your resignation though, there are some things you can do to make sure you're prepared financially that can have a dramatic effect on your retirement plans and finances.

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Common Dealership Fees You Should Not Pay

Details: When you’re ready to buy a new vehicle, you’ll most likely spend a lot of time picking the perfect make and model, setting a budget, getting approved for a car loan, and choosing a dealership.You have a rough idea of how much you will agree to pay when you sign the paperwork. But what about all of the little fees which—when put all together—can add thousands of dollars to your bill?

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Best Custodial Accounts of 2021

Details: A custodial account is a financial account held in the name of a minor, usually by a parent, legal guardian, or another relative.If you are a parent or guardian of a young person, this gives you the opportunity to save and invest for your child while retaining …

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A List of States With Reciprocal Tax Agreements

Details: Tonya Moreno is a tax expert who has worked as a tax accountant for numerous large muti-state corporations. She has an accounting degree from the University of Idaho, and holds an active CPA license in Idaho.

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Understanding 529 Withdrawal Rules

Details: You’ve saved up for your kid's college for years, and the big day is finally here. It’s time to withdraw from your 529 Savings Plan. Withdrawing in the right way, and for the proper expenses, is critical if you want to make the most of the funds you’ve invested.Even if you’re not keen on studying the specific ins and outs of 529 withdrawals, there are a few things you need to know:

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You Must Meet These 4 Requirements to Receive Section 8

Details: Section 8 has four basic requirements you must meet in order to apply for a voucher. Learn if you may be eligible to receive Section 8.

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Cashier's Checks: How They Work, Fees, and Safety

Details: Justin Pritchard, CFP, is a fee-only advisor and an expert on banking. He covers banking basics, checking, saving, loans, and mortgages. He has an MBA from the University of Colorado, and has worked for credit unions and large financial firms, in addition to …

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Health Insurance in the New Relief Bill: What to Know

Details: Specifically, the pandemic relief package increases the subsidies for Obamacare health insurance and makes them available to more people by raising the income thresholds for eligibility through 2022. Those who already have coverage through a government-run marketplace should update their application to see if they qualify.

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The Worldcom Scandal Explained

Details: The WorldCom scandal was one of the most shocking and widespread frauds to rock Wall Street in a generation. In 2001, WorldCom, one of the world's largest telecommunication companies and a core dividend-paying stock that many retirees held in their portfolios, attempted to falsely inflate the earnings on its profit and loss statement by nearly $4 billion.

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How to Add Someone Else's Name to Your Deed

Details: Julie Ann Garber is an estate planning and taxes expert. With over 25 years of experience as a lawyer and trust officer, Julie Ann has been quoted in The New York Times, the New York Post, Consumer Reports, Insurance News Net Magazine, and many other publications.

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Settling a Revocable Trust After the Trustmaker Dies

Details: Most people have little experience being named as the successor trustee in charge of settling their loved one's revocable living trust after the loved one's death. The purpose of this guide is to provide a general overview of the six steps required to settle and then terminate a revocable living trust after the trustmaker dies.

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Which States Are the Best for Retirees

Details: Tonya Moreno is a tax expert who has worked as a tax accountant for numerous large muti-state corporations. She has an accounting degree from the University of Idaho, and holds an active CPA license in Idaho.

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How to Convert From a Traditional IRA to a Roth IRA

Details: When you invest in a Roth IRA, you basically agree to pay tax now so that you receive tax-free treatment when the funds are withdrawn later.An investor who uses a Roth IRA must defer taking any distributions until at least age 59 1/2 to achieve this completely tax-free status.

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The 8 Best Boat Insurance Providers of 2021

Details: The Markel Corporation is a specialty insurance company that offers specialized coverage for boats. They have an A (Excellent) rating from A.M. Best and an “A+” rating from the Better Business Bureau. The company has been in business since 1930 and offers comprehensive boat insurance policies for boats and personal watercraft (PWCs or jet-skis).

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How to Handle Sales Taxes When You Sell Across State Lines

Details: E-commerce provides businesses with access to much larger markets, but it also complicates even the simplest of retail transactions. One of the most challenging aspects can be figuring out which sales taxes apply to individual sales, especially when you're selling to out-of-state customers.

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The 7 Best Places to Order Checks Online in 2021

Details: It's safe to say that Checks In The Mail is a reputable company: it sells over a billion checks per year to customers in all 50 states. Its site also features around 200 different check styles and often has multiple coupon codes, as well as new customer offers for even deeper discounts.

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Spousal IRA Contribution and Deduction Limits

Details: This kind of account is referred to as a spousal IRA, and it works similarly to traditional and Roth individual retirement accounts (IRAs).In fact, as a married couple, you can both contribute to your own separate IRA if you file taxes jointly and at least one of you earns enough money to meet the funding rules for two IRAs.

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Best Vanguard Funds to Buy for Taxable Accounts

Details: Choosing the best Vanguard funds for taxable accounts requires more of a strategic approach than the fund selection process requires for tax-deferred accounts like IRAs and 401(k)s.It's important to analyze the tax efficiency of the funds, which affects the overall performance of the portfolio.

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2020 Trust Tax Rates and Reporting Rules

Details: The Income Tax Return for Estates and Trusts . Estates and trusts that generate income during the year are subject to IRS-set tax rates. They're required to file IRS Form 1041, the U.S. Income Tax Return for Estates and Trusts.Their tax brackets are adjusted each year for inflation, just like personal income tax brackets.If all income-producing assets pass directly to a beneficiary after death

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Venmo vs. PayPal: Which One Should You Use

Details: Venmo and PayPal are two of the most popular payment platforms that can be used to send and receive money to and from friends or customers. PayPal was founded in 1998 as an electronic payment system tailored specifically to online commerce.

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Benefits and Risks of Investing in TIPS Funds

Details: Price fluctuation: Although TIPS are low-risk investments, their market prices can move substantially with changes in real interest rates. That means that the share price of a mutual fund investing in TIPS can vary significantly over the short term. Deflation risk: The risk of a general decline in prices, deflation, is the opposite of inflation. If there were to be a long period of deflation

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The Rules on Reporting Foreign Gifts and Inheritances

Details: Julie Ann Garber is an estate planning and taxes expert. With over 25 years of experience as a lawyer and trust officer, Julie Ann has been quoted in The New York Times, the New York Post, Consumer Reports, Insurance News Net Magazine, and many other publications.

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Which Taxpayers Pay the Most Taxes

Details: Beverly Bird—a paralegal with over two decades of experience—has been the tax expert for The Balance since 2015, crafting digestible personal finance, legal, and tax content for readers.Bird served as a paralegal on areas of tax law, bankruptcy, and family law. She has over 30 years of writing and editing experience, including eight years of financial reporting, and is also a published

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SEP-IRA Contribution Limits and Deadlines

Details: SEP-IRAs give investors the ability to make tax-deductible contributions and grow the earnings from those contributions on a tax-deferred basis—neither the initial contribution nor the gains will be taxed until you withdraw them in retirement.

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Selling Your Home in a Seller's Market

Details: Elizabeth Weintraub is a homebuying, home loans, and mortgages expert. With more than 40 years of experience in real estate, including areas such as title and escrow, Elizabeth was nominated as a founding member of the California Association of REALTORS' Real Estate Certificate Institute (RECI) and has received more than 600 hours or real estate education.

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Modular vs Manufactured Homes

Details: Janet is a blogger, designer, and teacher who specializes in quilting techniques. Janet has over 300 articles published and is the co-author of the Rodale book Classic American Quilts: Stars.

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Gemini vs. Coinbase: How Do They Compare

Details: Gemini vs. Coinbase: Ease of Use . Gemini is built on ease of use and its super clean interface is evidence of this. With a simple price list and the ability to buy, sell, or exchange crypto front-and-center, Gemini is easily one of the best user experiences for exchanging crypto.

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The Best Free Debt Reduction Spreadsheets in 2021

Details: Squawkfox Debt Reduction Spreadsheet . The author of the spreadsheet and the Squawkfox blog, Kerry Taylor, paid off $17,000 in student loans over six months using this Debt Reduction Spreadsheet.. Start by entering your creditors, current balance, interest rates, and monthly payments to see your current total debt, average interest rate, and average monthly interest paid.

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2020 and 2021 Roth IRA Rules—Everything You Need to Know

Details: Eligibility to Make a Roth Contribution . If you are married and filing separately, single, or filing as a head of household, you can contribute to a Roth IRA in tax year 2021 up to the limit for your age if your modified adjusted gross income (MAGI) is less than $125,000.

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How Much Does Long-Term Care Insurance Cost

Details: Mila Araujo is a certified personal lines insurance broker and the director of personal insurance for Ogilvy Insurance. She has over 20 years of experience in the insurance industry, and as insurance expert, has written about homeowners, auto, health, and life insurance for The Balance.

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Tax Day 2021: Your Questions Answered

Details: The IRS changed the tax rules on unemployment benefits for 2020. What should I do if I’ve already filed my return? Nothing. If you are owed a refund, you will get it automatically from the IRS.The American Rescue Plan Act, approved on March 11, included a provision that exempts from federal tax the first $10,200 of unemployment benefits received in 2020, if you made less than $150,000.

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Should You Put Your IRA or 401(K) Into Your Trust

Details: Putting your IRA or 401(k) plan into your living trusts would require retitling your plan into the name of your trust, and this can raise some serious tax issues. Your plan custodian or administrator would almost certainly advise against it because the Internal Revenue Service takes the position that retitling a plan is treated the same as a 100% withdrawal for tax purposes.

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Tax and Other Consequences of Inheriting a POD Account

Details: Julie Ann Garber is an estate planning and taxes expert. With over 25 years of experience as a lawyer and trust officer, Julie Ann has been quoted in The New York Times, the New York Post, Consumer Reports, Insurance News Net Magazine, and many other publications.

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How to Save for a Vacation

Details: Stretch out your timeline: If you can, push back your vacation by a month or more.If you’re able to do so, this will decrease your monthly savings amount, giving you more time to save up. Trim the fat: Take a look at the planned expenses you have thought about and see if there are any costs that can be reduced.Can you take public transportation instead of renting a car?

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Equity in Education: Definition, Effects, How to Get It

Details: Education equity occurs when all students receive the resources they need to acquire the basic skills of reading, writing, and arithmetic. Learn about why it matters.

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Best Vanguard Funds for Dividends

Details: Kent Thune is the mutual funds and investing expert at The Balance. In addition to writing for several prominent online publications, Thune owns an investment advisory firm, Atlantic Capital Investments, in Hilton Head Island, South Carolina.

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How Bonuses Are Taxed

Details: Beverly Bird—a paralegal with over two decades of experience—has been the tax expert for The Balance since 2015, crafting digestible personal finance, legal, and tax content for readers.Bird served as a paralegal on areas of tax law, bankruptcy, and family law. She has over 30 years of writing and editing experience, including eight years of financial reporting, and is also a published

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A Step-by-Step Guide to What Happens During Probate

Details: Julie Ann Garber is an estate planning and taxes expert. With over 25 years of experience as a lawyer and trust officer, Julie Ann has been quoted in The New York Times, the New York Post, Consumer Reports, Insurance News Net Magazine, and many other publications.

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How to File Multiple State Tax Returns

Details: If You Lived in Two States . You’ll have to file two part-year state tax returns if you moved across state lines during the tax year. One return will go to your former state, and one will go to your new state. You'd generally divide your income and deductions between the two returns in this case, but some states require that you report your entire income on their returns, even if you resided

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Irrevocable Life Insurance Trust (ILIT) Estate Planning

Details: Julie Ann Garber is an estate planning and taxes expert. With over 25 years of experience as a lawyer and trust officer, Julie Ann has been quoted in The New York Times, the New York Post, Consumer Reports, Insurance News Net Magazine, and many other publications.

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How the Generation-Skipping Transfer Tax Works

Details: Julie Ann Garber is an estate planning and taxes expert. With over 25 years of experience as a lawyer and trust officer, Julie Ann has been quoted in The New York Times, the New York Post, Consumer Reports, Insurance News Net Magazine, and many other publications.

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Social Security Benefits for an Ex-Spouse

Details: If you were born before Jan. 2, 1954 and you wait until full retirement age to file, you have the option to file a restricted application so that you receive only the ex-spousal benefit while letting your own benefit amount continue to accumulate delayed retirement credits from your full retirement age until you reach age 70. When you reach 70, you can switch to your own benefit amount if that

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Problems Using Joint and POD/ITF Accounts to Avoid Probate

Details: Julie Ann Garber is an estate planning and taxes expert. With over 25 years of experience as a lawyer and trust officer, Julie Ann has been quoted in The New York Times, the New York Post, Consumer Reports, Insurance News Net Magazine, and many other publications.

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Learn About Selling Employee Stock Purchase Plan Shares

Details: Risks of Holding Company Stock . Holding a lot of your wealth in a single stock is riskier than other investment approaches. On an investment risk scale of 1 to 5 with five being riskiest, owning a single stock is a level 5. By holding a single stock, you're …

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Determine If You Have Enough Savings to Retire

Details: Dana Anspach is a Certified Financial Planner and an expert on investing and retirement planning. She is the founder and CEO of Sensible Money, …

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