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Pandemic-Year Taxes: What You Need to Know

  • Pandemic-Year Taxes: What You Need to Know Pandemic-Year Taxes: What You Need to Know 5:38
7:09 a.m. May 30, 2021 - By Quentin Fottrell
My wife and I defrauded the government by hiding income. Now we’re divorcing, and she’s threatening to ruin us both ‘She left me for her pandemic boyfriend. She was caught at our vacation home with him’‘She left me for her pandemic boyfriend. She was caught at our vacation home with him.’
3:56 a.m. May 19, 2021 - By Quentin Fottrell
I share custody with my ex-wife 50-50, but our daughters live with me 24/7 due to her boyfriend’s meth habit. What happens to the child tax credit? ‘Will she still be able to use our daughter as a tax deduction? My concern is also with the coming child tax credit this summer’‘Will she still be able to use our daughter as a tax deduction? My concern is also with the coming child tax credit this summer.’
7:18 a.m. May 8, 2021 - By Alessandra Malito
We have $190,000 in retirement savings and want to use the COVID-related distribution rules to pay off $40,000 in debt — should we? The CARES Act allows some savers Americans to take money out of their retirement accounts — but advisers say they should proceed with cautionThe CARES Act allows some savers to take money out of their retirement accounts — but advisers say they should proceed with caution.
10:42 a.m. April 17, 2021 - By Quentin Fottrell
My fiancée’s mother asked us to raise her 2 kids, as we live in a good school district and she has a gambling addiction — then she claimed their stimulus checks ‘I advised her to leave the money as the IRS may eventually ask for it back. Her new boyfriend then quickly told her to withdraw it anyway’‘I advised her to leave the money as the IRS may eventually ask for it back. Her new boyfriend then quickly told her to withdraw it anyway.’
4:56 a.m. April 11, 2021 - By Quentin Fottrell
I received two $1,400 stimulus payments because I was also claimed as a dependent. Should I give one back? The Moneyist: ‘You cannot be claimed as a dependent and file a tax return yourself and expect a payment. It’s one or the other’The Moneyist: ‘You cannot be claimed as a dependent and file a tax return yourself and expect a payment. It’s one or the other.’
5:21 a.m. April 10, 2021 - By Quentin Fottrell
I’m 30. My wife is 34. We saved $350K and I have $325K saved for retirement. Should we pay cash for a home — or take out a mortgage and invest it? ‘We have been cheaply renting for the last three years, and living as if I were still a very poor graduate student. During this time, we paid off all of our debts’‘We have been cheaply renting for the last three years, and living as if I were still a very poor graduate student. During this time, we paid off all of our debts.’
5:38 a.m. April 4, 2021 - By Quentin Fottrell
My parents claimed me on their 2019 taxes and received my third stimulus check, but I don’t qualify based on my taxes. Will the IRS ask for it back? ‘Am I safe to spend the money? Or will the Internal Revenue Service want it back from me when the next tax season rolls around?’‘Am I safe to spend the money? Or will the Internal Revenue Service want it back from me when the next tax season rolls around?’
8:08 a.m. March 30, 2021 - By Victor Reklaitis
Stimulus checks to reach Social Security recipients who don't file taxes on April 7: White HouseWhite House press secretary Jen Psaki on Tuesday indicated that $1,400 stimulus checks should arrive soon for Social Security recipients who aren't required to file tax returns. The Social Security Administration and Internal Revenue Service "will soon announce that we are on track to send those payments out this weekend," she told reporters during a briefing. "The majority of people should see them in their bank accounts on Wednesday, April 7." The first direct payments more than two weeks ago.
5:59 a.m. March 27, 2021 - By Quentin Fottrell
My husband and his ex-wife agreed that he could claim their kids on his taxes, but now she’s ‘demanding’ half their stimulus ‘I believe she didn’t adjust her budget when the alimony ended, and now she is looking for ways to receive more money from him’‘I believe she didn’t adjust her budget when the alimony ended, and now she is looking for ways to receive more money from him.’
12:05 p.m. March 22, 2021 - By Elisabeth Buchwald
7 things NOT to buy with your $1,400 stimulus check and existing-home sales fall as inventory remains a challenge for buyers Monday’s top personal finance stories Monday’s top personal finance stories Monday’s top personal finance stories
9:56 a.m. March 17, 2021 - By Tomi Kilgore
H&R Block's stock pares gains as a delayed tax deadline could push back revenue, increase expensesShares of H&R Block Inc. have pared most of their intraday gains Wednesday, was up just 0.3% in afternoon trading, after for filing taxes by about a month. Earlier, the stock was up as much as 1.6% at the intraday high of $21.07. As BMO Capital analyst Jeffrey Silver explained, although an extended deadline won't affect how many people use H&R Block to file taxes, it will likely reduce revenue for the fiscal fourth-quarter, which ends April 30, and shift it to the fiscal first quarter. In addition, like what happened last year when the deadline was shifted because of a delayed start caused by the COVID-19 pandemic, Silber said H&R Block could some "incremental overlapping expenses," such as extended marketing campaigns. H&R Block's stock has rallied 31.0% over the past three months, while the S&P 500 has gained 6.9%.
9:16 a.m. March 17, 2021 - By Victor Reklaitis
IRS plans to delay tax filing deadline by a monthThe Internal Revenue Service plans to delay its April 15 deadline for filing taxes by a month, according to multiple published reports. The new deadline would be in mid-May, the reports said. It would come after the IRS , citing the ongoing COVID-19 pandemic.
7:30 a.m. March 17, 2021 - By Victor Reklaitis
90 million stimulus payments disbursed so far, government saysAbout 90 million stimulus payments worth a total of more than $242 billion have been disbursed so far, said a news release on Wednesday from the Treasury Department, the Internal Revenue Service and the Bureau of the Fiscal Service. "The first batch of payments were mostly sent by direct deposit, which some recipients started receiving this past weekend," the release said. "As of today, all recipients of this first batch of direct deposit payments will have access to their funds." Most Americans are expected to get a through the $1.9 trillion COVID-19 relief package that was signed into law last week.
8:46 a.m. March 16, 2021 - By Quentin Fottrell
‘Change can happen without us noticing’: COVID brought us a year of epic uncertainty — but here’s what I know for sure ‘The isolation doesn’t seem quite so intense one year later. Perhaps we have normalized it, but we can be forgiven if our stoicism turns to fatigue’‘The isolation doesn’t seem quite so intense one year later. Perhaps we have normalized it, but we can be forgiven if our stoicism turns to fatigue.’
5:52 a.m. March 11, 2021 - By Ed Seaver
Get a health savings account now, you’ll thank yourself in retirement An HSA will help you save for expenses now and in retirementAn HSA will help you save for expenses now and in retirement
12:43 p.m. Feb. 24, 2021 - By Elisabeth Buchwald
Many Texans face sky-high electricity bills after winter storms and IRS has already received 55 million tax returns ahead of April 15 deadline Wednesday’s top personal finance stories Wednesday’s top personal finance stories Wednesday’s top personal finance stories
11:35 a.m. Feb. 20, 2021 - By Quentin Fottrell
Our housekeeper does not work when we’re at home due to COVID-19. We still pay her. Could we treat those payments as a ‘gift’ to reduce her income tax? ‘Understanding that times are tough, we have continued to send her payment for the weeks where we asked her to stay home’‘Understanding that times are tough, we have continued to send her payment for the weeks where we asked her to stay home.’
9:10 a.m. Feb. 19, 2021 - By Ed Seaver
How to take advantage of an HSA now Health Savings Accounts: You’ll thank yourself in retirementHealth Savings Accounts: You’ll thank yourself in retirement
10:31 a.m. Jan. 30, 2021 - By Alessandra Malito
How new Treasury Secretary Janet Yellen will impact retirement in the future During a Senate hearing, Yellen said she would look into tax benefits, Social Security and ways to help Americans saveDuring a Senate hearing, Yellen said she would look into tax benefits, Social Security and ways to help Americans save
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