Posted by Mark Frey | Nov 15, 2020 |
The U.S. election of 2020 is over, and the results are now an entry in the history books, but the tax implications are not entirely clear. Nevertheless, your options are somewhat obvious.
Election observers, tax practitioners, and assorted predictors have been monitoring and forecasting the poli...
Posted by Mark Frey | Nov 08, 2020 |
Many IRA and retirement plan limits are indexed for inflation each year. While some of the limits remain unchanged for 2021, other key numbers have increased.
IRA contribution limits
The maximum amount you can contribute to a traditional IRA or a Roth IRA in 2021 is $6,000 (or 100% of your earn...
Posted by Mark Frey | Nov 01, 2020 |
Beginning on November 1, 2020, individuals (including families) may apply for new health insurance, switch to a different health-care plan, or re-enroll in their current plan through a Health Insurance Marketplace under the Affordable Care Act (ACA). The open enrollment period for 2021 health cov...
Posted by Mark Frey | Oct 25, 2020 |
The FAFSA (Free Application for Federal Student Aid) for the 2021-2022 year opened on October 1, 2020. The FAFSA is a prerequisite for federal student loans, grants, and work-study. In addition, colleges typically require the FAFSA before distributing their own need-based aid and, in some cases, ...
Posted by Mark Frey | Sep 19, 2020 |
In March 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which provided a six-month automatic payment suspension on federal student loans through September 30, 2020. In August, the president signed a memorandum to extend federal student loan relief through De...
Posted by Mark Frey | Sep 05, 2020 |
On August 18, 2020, the S&P 500 set a record high for the first time since COVID-19 ushered in a bear market on February 19. The cycle from peak to peak was just 126 trading days, the fastest recovery in the history of the index, erasing losses from an equally historic plunge of almost 34% in Feb...
Posted by Mark Frey | Aug 23, 2020 |
In March 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which included several provisions designed to help retirement savers cope with the financial fallout from the pandemic. Among these temporary measures were special rules for required minimum distributio...
Posted by Mark Frey | Aug 16, 2020 |
Even in normal times, it can be challenging for families to cover college expenses without borrowing money and/or risking their own retirement security. For the 2019-2020 academic year, the cost of in-state tuition, fees, room, and board at a four-year public college averaged $21,950, and the tot...
Posted by Mark Frey | Aug 01, 2020 |
The Coronavirus Aid, Relief, and Economic Security (CARES) Act passed in March 2020 ushered in several measures designed to help IRA and retirement plan account holders cope with financial fallout from the virus. The rules were welcome relief to many people, but left questions about the details u...
Posted by Mark Frey | Jul 26, 2020 |
The amended rules under the Coronavirus Aid, Relief, and Economic Security (CARES) Act provide flexibility for health-care spending related to the ongoing COVID-19 pandemic. 1
High-deductible health plans cover telehealth services
Under the CARES Act, a high-deductible health plan (HDHP) can te...
Posted by Mark Frey | Jul 19, 2020 |
On June 8, 2020, the National Bureau of Economic Research (NBER), which has official responsibility for determining U.S. business cycles, announced that February 2020 marked the end of an expansion that began in 2009 and the beginning of a recession.1 This was no great surprise considering widesp...
Posted by Mark Frey | Jul 12, 2020 |
Due to the coronavirus tax filing extension, there's still time to make a regular IRA contribution for 2019. You have until your tax return due date (not including extensions) to contribute up to $6,000 for 2019 ($7,000 if you were age 50 or older on December 31, 2019). For most taxpayers, the co...
Posted by Mark Frey | Jul 05, 2020 |
The due date for federal income tax returns and payments is Wednesday, July 15, 2020. Due to the coronavirus pandemic, the original due date for filing federal income tax returns and making tax payments was postponed by the IRS from April 15, 2020, to July 15, 2020. No interest, penalties, or add...
Posted by Mark Frey | Jun 21, 2020 |
For the second year in a row, interest rates on federal student loans will decrease for the 2020-2021 academic year. This year's decrease brings rates to record lows. The rates apply to new federal student loans made on or after July 1, 2020, through June 30, 2021. The interest rate is fixed for ...
Posted by Mark Frey | Jun 14, 2020 |
In May 2020, the IRS sent Economic Impact Payment (EIP) prepaid VISA debit cards to individuals who qualified for a stimulus payment under the Coronavirus Aid, Relief, and Economic Security (CARES) Act and didn't receive a payment via direct deposit.
How is the card activated?
The Economic Impa...
Posted by Mark Frey | Jun 06, 2020 |
As hundreds of companies race to develop vaccines and drug therapies that could help end the COVID-19 pandemic, news reports on successful or failed trials affect individual stock prices and can trigger swings in the broader market.1 Understandably, this highly contagious virus — and its severe e...
Posted by Mark Frey | May 23, 2020 |
The Retirement Confidence Survey conducted each year by the Employee Benefit Research Institute (EBRI) took a slightly different tack in 2020. After completing its initial outreach in January — the 30th in its annual series — EBRI decided to conduct a second survey in late March to gauge how the ...
Posted by Mark Frey | May 16, 2020 |
Federal, state, and local governments have extended a number of deadlines amid the coronavirus pandemic. Here are just a few of the deadlines that have been affected.
Federal and state income taxes
The IRS has postponed the due date for filing federal income tax returns and making tax payments ...
Posted by Mark Frey | May 10, 2020 |
When it comes to your finances, “go with your gut” might not be the wisest adage to follow. In fact, it may work against you, particularly in periods of market turbulence. Before jumping to conclusions about your finances, consider what biases may be at work beneath your conscious radar.
Recency...
Posted by Mark Frey | Apr 25, 2020 |
Fraudsters and scam artists are always looking for new ways to prey on consumers. Now they are using the same tactics to take advantage of consumers' heightened financial and health concerns over the coronavirus pandemic. Federal, state, and local law enforcement have begun issuing warnings on th...
Posted by Mark Frey | Apr 18, 2020 |
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020. This $2 trillion emergency relief package represents a bipartisan effort. It was designed to assist both individuals and businesses in the ongoing coronavirus pandemic and accompanying economic c...
Posted by Mark Frey | Apr 11, 2020 |
On March 11, the novel coronavirus (COVID-19) was officially declared a global pandemic by the World Health Organization, and two days later President Trump declared a national emergency.1 The unknowns surrounding a new virus make it difficult to predict the potential human and economic toll. But...
Posted by Mark Frey | Apr 04, 2020 |
On Friday, March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. This $2 trillion emergency relief package is intended to assist individuals and businesses during the ongoing coronavirus pandemic and accompanying economic crisis. Major relief provisio...
Posted by Mark Frey | Mar 28, 2020 |
The longest bull market in history lasted almost 11 years before coronavirus fears and the realities of a seriously disrupted U.S. economy brought it to an end.
If you are losing sleep over volatility driven by a cascade of disheartening news, it may help to remember that the stock market is his...
Posted by Mark Frey | Mar 14, 2020 |
We've all heard about the importance of having life insurance, but is it really necessary? Often, the answer is “yes,” but it depends on your specific situation.
In general, you should consider life insurance protection if any of the following applies to you:
You are married and your spouse dep...