President Joe Biden is poised to sign a $1.7 trillion bill that amends rules related to so-called hardship distributions from 401(k) plans. The measures are tucked into “Secure 2.0,” a collection of retirement reforms attached to the overall legislative package, which will fund the federal government for the rest of the fiscal year through next September. CLICK ON THE HEADLINE FOR MORE
The CARES Act includes provisions for things like retirement savings and charitable giving, and this Spring could be a good time to review your portfolio. CLICK ON THE HEADLINE FOR MORE
Extemded unemployment benefits provided much-needed relief to 40 million people in 2020, But Americans could be facing hefty tax bills in April if they didn’t realize unemployment benefits are taxable by the federal government and by some states. CLICK ON THE HEADLINE FOR MORE
Taking a CARES Act withdrawal might see like a solid move, especially if money is tight and your borrowing options are limited. But if you do decide to take money out of your retirement plan this year, you may wind up with a tax headache on your hands. CLICK ON THE HEADLINE FOR MORE
While efforts to combat the coronavirus pandemic’s physical toll continues in research labs, lawmakers believed that tossing an extraordinary amount of cash at the problem early on would be the best solution to the United States’ financial woes. Thus was born the Coronavirus Aid, Relief, and Economic Security (CARES) Act. CLICK ON THE HEADLINE FOR MORE
Treasury Secretary Steven Mnuchin just reiterated that as things stand now, July 15 will still be the last day for Americans to file their taxes. However, his comments show that there are genuine concerns that the economy, personal finance, and the pandemic may require the government to adjust. CLICK ON THE HEADLINE FOR MORE
Amid the COVID-19 crisis, many people are realizing their current healthcare coverage doesn’t fit their needs. As a result, the IRS is making one big change to help people make the most of their healthcare. CLICK ON THE HEADLINE FOR MORE
Under the CARES Act, you can now withdraw up to $100,000 from your retirement plan penalty-free if you’ve been negatively affected by COVID-19. But here are three reasons it’s unwise to go that route. CLICK ON THE HEADLINE FOR MORE