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Q&A: 2020 taxes bring another stimulus shot

September 8, 2020 By Liz Weston

Dear Liz: My 2019 tax return was electronically submitted May 11 and my income was low enough to qualify for a stimulus payment. I got my refund at the end of July but was told I wouldn’t get a stimulus check because my 2018 income was too high. The IRS agent on the phone said I could request the money when I filed my 2020 taxes. But isn’t that past the deadline? The agent sounded like he was just trying to get me off the phone.

Answer: He probably was, but he gave you the correct information. The IRS used the tax returns it had on hand this spring when it started sending out stimulus payments. Since your 2019 return hadn’t been filed, it used your 2018 income to determine how much, if anything, to send you.

People who didn’t get checks or got too little aren’t out of luck. The stimulus checks were an advance payment of a credit that will be added to people’s 2020 tax returns. If you should have received a check but didn’t, you’ll get the full credit added to your refund next year.

Filed Under: Coronavirus, Q&A, Taxes Tagged With: Coronavirus, q&a, stimulus check, tax refunds

Friday’s need-to-know money news

September 4, 2020 By Liz Weston

Today’s top story: How first-home shoppers can keep a cool head in a hot market. Also in the news: When debt relief does more harm than good, how to make a debt-free switch to cashless payments, and what to know before using buy now, pay later financing.

How First-Home Shoppers Can Keep a Cool Head in a Hot Market
Know what to expect, stick to your budget and priorities, and don’t let anxiety get the upper hand.

When Debt Relief Does More Harm Than Good
There are risks involved.

How to Make a Debt-Free Switch to Cashless Payments
Tracking your spending, using prepaid cards and setting low credit limits can help you avoid debt when you switch to using more digital payment methods.

What to Know Before Using Buy Now, Pay Later Financing
Look for high interest rates and fees.

Filed Under: Liz's Blog Tagged With: buy now pay later financing, cashless payments, debt relief, first-home shoppers, real estate

Thursday’s need-to-know money news

September 3, 2020 By Liz Weston

Today’s top story: Working remotely in the pandemic may generate a tax surprise. Also in the news: Advice on how to fly safely over the holidays, student debt continues to rise for new pharmacists, and how to save money during Medicare open enrollment this year.

Working Remotely in the Pandemic May Generate a Tax Surprise
Many states require people who work within their borders to pay taxes, even if they live elsewhere.

Ask a Points Nerd: (How) Should I Fly for the Holidays?
If you must travel for the holidays, here’s some advice for how to book hotels and stay safe while flying.

Student Debt Continues to Rise for New Pharmacists
Average student debt among pharmacists increased by 4% to $179,514 for the class of 2020.

How to Save on Medicare Open Enrollment This Fall
Open enrollment is just six weeks away.

Filed Under: Liz's Blog Tagged With: holiday travel, Medicare open enrollment, pharmacists, Points Nerd, student debt, Taxes, working remotely

Wednesday’s need-to-know money news

September 2, 2020 By Liz Weston

Today’s top story: New ways to get more for your old car. Also in the news: How the pros ride market volatility – and why you shouldn’t, if your travel plans are up in the air should you cancel your rewards card, and how the new eviction ban may impact you.

New Ways to Get More for Your Old Car
Online buyers make offers in minutes — a safety net for car shoppers wondering what their trade-in is really worth.

How the Pros Ride Market Volatility — and Why You Shouldn’t
Professionals try to harness the spikes and slumps, but most investors should stick with diversification.

If your travel plans are up in the air should you cancel your rewards card?
Not so fast.

How the new eviction ban may impact you
A new reprieve.

Filed Under: Liz's Blog Tagged With: automobiles, car selling tips, eviction, eviction ban, stock market, travel, travel rewards card

Tuesday’s need-to-know money news

September 1, 2020 By Liz Weston

Today’s top story: How to be reunited with your long-lost money. Also in the news: What the metro areas look like for first-time homebuyers, avoid flight change fees with these airlines, and 5 things to do after you get into a car accident.

How to Be Reunited With Your Long-Lost Money
Finding your unclaimed property.

First-Time Home Buyer Metro Affordability Report – Q2 2020
Low rates are helping buyers.

Avoid Flight Change Fees With These Airlines
The big airlines drop their fees.

5 things to do after you get in a car accident
Take a deep breath.

Filed Under: Liz's Blog Tagged With: airline fees, car accidents, homebuyers, metro area, unclaimed money

Some remote workers may be in for tax surprise

September 1, 2020 By Liz Weston

If the pandemic caused you to relocate across state lines, even temporarily, the next surprise could be having to file an extra tax return and potentially pay more taxes.

The issue gained national attention in May, when Gov. Andrew Cuomo of New York said out-of-state health care workers who came to help with the pandemic would face New York income taxes.

Cuomo’s comments generated outrage, but in fact, most states tax people who earn money within their borders, even if those people usually live and file tax returns elsewhere. Even a single day in some states can trigger a tax bill. In my latest for the Associated Press, how to prepare for possible tax hassles.

Filed Under: Liz's Blog Tagged With: remote work, Taxes

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