I know the whole goal of this program is to take the mystery out of your finances, but sometimes it’s easier said than done, especially when you’re dealing with a non-traditional situation, and that’s the case with our caller this week.
But don’t worry, we address plenty of traditional situations by answering a bunch of your emails!
Stimulus payments have been a critical lifeline for many Americans during the coronavirus crisis. But what if you didn’t receive the full amount due to life changes such as a new baby or lower income? Thankfully there’s a way to solve this, in the form of a recovery rebate credit.
The recovery rebate and your stimulus payments are actually one in the same. It’s just that the recovery rebate credit is paid as part of filing your return.
Joining us this week to help make sense of it all is Kathy Pickering, the chief tax officer at H&R Block.
Have a money question? Email me here.
"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.
Semi-retired and looking to buy a new house. The big question is whether or not to take out a mortgage or pay cash? That’s the gist of our call this week as we chat with Ryan from Seattle.
The rest of hour one was trying to clean out the inbox. Haha, yeah right. We’ve got thousands of emails, and all I can say folks is that we’re doing the best we can.
What could be more basic than preparing your taxes? After a tumultuous 2020, tax season is officially open, a few weeks later than years in the past. The deadline to file and pay any tax owed reverts to April 15th, after last year’s COVID-19 related extension.
By now, you should have received most of your tax preparation documents (W-2s, 1099s, as well as bank, investment, mutual fund and mortgage company documents).
If you didn’t learn the lesson of electronic filing last year, this is the year to dump the paper. After all, those who had electronic files with the IRS got those stimulus checks faster than those who had to wait weeks and sometimes months for their money.
Additionally, be sure to choose direct deposit, which is “the safest, most accurate and fastest way to get a refund,” according to the IRS.
Because of all the various changes that went into effect last year as the pandemic unfolded, this tax season could be a tricky one.
To help us break it down, we're joined by the one and only Ed Slott, the ultimate tax guru and founder of IRA Help.
Have a money question? Email me here.
"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.
And that’s a wrap on what was by far the most bizarre first half of a year that I’ve ever experienced. And unless you’re way up there in age, and were around in 1940, I’m guessing the same applies to you!
In keeping with the Groundhog Day pattern, we’re beginning the second half the same way we ended the first half, answering your coronavirus related money questions.
Happy Independence Day weekend!
Yes, we're officially in the summer months, and for millions of Americans, thanks to the coronavirus, the early summer weeks will include preparing and paying taxes.
Because of the pandemic’s timing and impact, the IRS delayed the tax-filing and payment deadlines from April 15th to July 15th. The agency also moved back Q2 quarterly estimates, which would have been due on June 15th, to July 15th.
To help us break down all the ins and outs of this "new" tax season, we're joined in hour two by Ed Slott, the ultimate tax guru and founder of IRA Help.
If you’ve been impacted by the pandemic, here’s a bunch of helpful links:
NYT F.A.Q. on Coronavirus Bill
Coronavirus State Unemployment Benefits Filing Info
Coronavirus Student Loan Information
Coronavirus Guide for Small Businesses
Coronavirus NYT Small Business Program Q&A
Have a money question? Email me here.
"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.
Are you listening to this episode on the website? If so, hopefully you're seeing the new layout...it's slowly rolling out and will hopefully be complete by the time you're reading this.
If you haven't checked it out, please do! It's so much cleaner and easier to navigate.
Okay, on to the show. We started hour one with Ari from NYC, a physician who has done a great job of saving for retirement but is a little concerned about his asset allocation. Next up was Dianne in Portland who was wondering if she and her husband need to consult with a financial advisor. Two great calls to start the show.
This week is another example of how the radio and podcasting world really is like a small fraternity/sorority where hosts often appear on each other’s shows.
Today it’s Felix Salmon, host of the Slate Money podcast, joining us. If you’re not familiar with Felix, I think the best way to describe him is as a contrarian and/or curmudgeon…something he happily admits!
I’m a big Felix fan and have been reading (he did stints at Reuters, Portfolio Magazine and Euromoney) and listening to him for quite some time so I had a list of topics to cover, including:
- Corporate responsibility
- Active versus passive investing
- His ongoing relationship with Anthony Scaramucci
- The student loan crisis
- What’s next for the US economy
In addition to hosting Slate Money, Felix is currently the editor of Cause and Effect.
If you want some good laughs and top notch commentary, follow Felix on Twitter.
Have a finance related question? Email us here or call 855-411-JILL.
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