Dear Liz: I turn 70 in July. Will I need to wait to start my Social Security benefits until 2022 to receive my full benefit, or can I start them in August 2021? Answer: There’s no need to wait to claim your benefits once they max out at age 70. If you did apply late, […]
Recent Blog Posts
Q&A: Filing taxes after a spouse’s death
Dear Liz: I am writing this email on behalf of my 88-year-old dad. He wanted to ask you this question: “My wife passed away Jan. 7, 2020. In filing my 1040 income tax for 2020, am I allowed to file as a married couple or required to file as a single person?” Answer: Your dad […]
Q&A: Paying taxes with plastic
Dear Liz: I am selling a rental property that I have owned for several years. I know I could do a 1031 exchange, which would allow me to put off the tax bill by investing in another commercial property. But I just want out. I’ll pay the capital gains tax and invest the rest of […]
Q&A: Refreshing an old credit card
Dear Liz: I have and use three credit cards, two of which offer cash-back rewards. The third has no rewards program, so I would like to get rid of it and replace it with a new card that offers cash back or miles. But I’m afraid if I cancel this card my credit score will […]
Q&A: Don’t file an amended return after the stimulus tax break. The IRS is begging you
Dear Liz: You might want to inform your readers that they do not need to file an amended return if they filed before Congress passed its most recent stimulus plan, which excludes the first $10,200 of unemployment benefits. The IRS will automatically recalculate their taxes and refund the taxes paid on that amount of benefits. […]
Thursday’s need-to-know money news
Today’s top story: The high price of money shame. Also in the news: Will travel costs change as more vaccines roll out, how to tell if your credit card is worth the annual fee and snags hit free COBRA health insurance for the unemployed. The High Price of Money Shame Simply naming the emotions you […]