Ask Liz Weston

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Liz Weston

Thursday’s need-to-know money news

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Today’s top story: What to do if your kid’s emergency fund is you? Also in the news: Frequently asked questions about Coronavirus unemployment, how 3D home tours are allowing buyers to keep their distance, and why you should make a COVID-19 backup plan before returning to your office.

What to do if your kid’s emergency fund is you?
The Bank of Mom and Dad.

Frequently asked questions about Coronavirus unemployment
Over 42 million Americans have filed for unemployment since March.

How 3D home tours are allowing buyers to keep their distance
Staying safe while shopping for a new home.

Why you should make a COVID-19 backup plan before returning to your office
It’s a whole new working world.

Wednesday’s need-to-know money news

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Today’s top story: Get your finances ready to refi your student loans. Also in the news: Watching out for COVID-19 student loan relief scams, complaints against financial institutions rise during the pandemic, and a beginner’s guide to employee stock plans.

Get Your Finances Ready to Refi Student Loans
You probably shouldn’t refinance most student loans until after Sept. 30. But you can get ready right now.

Don’t fall for COVID-19 student loan relief scams
Scammers are still working during the pandemic.

In the Pandemic, Complaints Against Financial Institutions Rise
Complaints are up over 31%.

A Beginner’s Guide to Employee Stock Plans
important basics you should know.

Tuesday’s need-to-know money news

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Today’s top story: How the pandemic alters Americans’ financial habits. Also in the news: Navigating LGBTQ financial challenges, a July 15th tax extension reminder, and Americans are heading back to the stores.

Survey: How the Pandemic Alters Americans’ Financial Habits
Nearly 70% of Americans have been dealing with a negative impact to their finances.

Q&A With Debt Free Guys: Navigating LGBTQ Financial Challenges
Happy Pride!

If You Request a Tax Extension, You Still Have to Pay by July 15
You must file AND pay.

Americans appear ready to shop again
Back to the stores.

When parents are the emergency fund

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Financial fallout from the pandemic is hitting millennials hard — and many will soon turn to their parents for help, if they haven’t already.

Before parents ride to the rescue, financial planners urge them to map out a strategy that doesn’t just plug a short-term need but also makes sense in the long run.

“Often the heartstrings will get pulled — ‘I really have to help them!’— but it can be detrimental to the parent,” says certified financial planner Jeffrey L. Corliss of Westport, Connecticut.

In my latest for the Associated Press, why parents must be cautious when rescuing their children financially.

Monday’s need-to-know money news

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Today’s top story: These are probably your best options for travel this summer. Also in the news: A new episode of the SmartMoney podcast on how the pandemic is changing our financial lives, how your state may let you deduct the costs of working from home during the pandemic, and 10 steps to avoiding tax-return identity theft.

These are probably your best options for travel this summer
It’s going to be weird.

SmartMoney Podcast: The Pandemic Is Changing Our Financial Lives, and What to Know About Refinancing Now
Things have changed dramatically.

Your State May Let You Deduct The Costs of Working From Home During the Pandemic
Covering the costs of your upgrades.

10 Steps to Avoiding Tax-Return Identity Theft
Protecting your Social Security number.

Q&A: Why tax refunds are taking so long to arrive

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Dear Liz: You mentioned that people who file electronically and use direct deposit generally get their refunds much more quickly than those who file paper returns. That has always been true for me, but this year I filed in February and got a message that there was a problem but not to contact the IRS for 60 days. Then COVID-19 happened and the IRS basically shut down. Can you tell me when they will release my money?

Answer: No one knows. The IRS is still in the process of calling employees back to work and some operations centers won’t reopen until later this month.

As employees return, they’re confronting an almost incomprehensible backlog of paperwork and requests for help. Millions of paper returns are sitting in trailers, waiting to be input into the IRS’ computers, and no one has been available to process electronically filed returns that were flagged because of problems.

People who have already been waiting months may still have to wait several weeks more before they see their money or can even access someone who knows what’s happened to their returns. As a reminder, the IRS extended the tax filing deadline to July 15.