money

IRS: $1.3 billion in tax refunds will go to Treasury if unclaimed by May 17

Over $ 1.3 billion in unclaimed tax refunds await more than 1.3 million Americans who failed to file their federal taxes in 2017, according to the Internal Revenue Service, but taxpayers have just over a month to file them close.
These taxpayers may miss an average of $ 865 on their 2017 refund. ...

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Stimulus checks: 25 million more payments sent in latest round, IRS says

According to the Internal Revenue Service, more than 25 million more stimulus checks were paid out as part of the fourth batch of payments this week, bringing the total number of payments to 156 million.
Total payments sent amount to $ 372 billion, roughly 83% of the $ 450 billion earmarked for s...

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Stimulus checks: 4 million more payments sent in latest round, IRS says

According to the Internal Revenue Service (IRS), more than 4 million more stimulus checks have been paid out under the third batch of payments this week, bringing the total to 130 million.
"This batch contains the first ongoing supplement for people who received payments based on their 2019 tax r...

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1 in 4 Americans have no retirement savings — and those who do aren’t saving enough

Americans are saving too little for retirement, according to PwC's report on retirement in America.
One in four Americans has no retirement savings and those who save are not saving enough, Bernadette Geis, US wealth manager and wealth manager at PwC, told Yahoo Money.
"Those who, on average, [sa...

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Retirees who pay the most in taxes make only $36,000 a year on average, study finds

Retirees who have the most money pay the most taxes, according to a recently released working paper, but are not necessarily rich.
"Most of the tax burden comes from the top quintile of households," Anqi Chen, co-author and assistant director of savings research at the Center for Retirement Resea...

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Stimulus checks: Payment blockage resolved for nearly 30 million Social Security recipients

The blockade of nearly 30 million stimulus checks for social security and other federal benefit recipients was resolved after the social security agency sent relevant files to the Internal Revenue Service (IRS) Thursday morning, according to the House Ways and Means Committee.
"We are delighted t...

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Many Americans need years to get their retirement savings back on track after the pandemic

As the nation enters the 13th month of the pandemic, many Americans say it will take them between two and three years to get their retirement savings going again, a new poll found. Most, however, remain optimistic.
More than 4 in 5 Americans said the economic impact of the pandemic is affecting t...

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Up to 2 million workers could be left with no unemployment benefits for weeks as states reprogram systems

Up to 2 million workers may not receive unemployment benefits until next month as states reprogram their unemployment systems. The delay comes nearly two weeks after President Joe Biden's $ 1.9 trillion aid deal expanded many programs for the unemployed.
"We never want to delay, we never want the...

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Stimulus checks: Here's why you're still waiting for your payment

While some Americans received their stimulus payments over the weekend, tens of millions will be receiving their payments on Wednesday, March 17th, based on instructions from the Internal Revenue Service.
"The IRS recently sent an initial wave of tens of millions of economic impact payments throu...

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Retirement expert reveals the two biggest mistakes people make

Retirement planning is done over several decades, but even over time, people are still making avoidable mistakes, an expert said.
Larry Swedroe, chief research officer at Buckingham Wealth Partners, joined Yahoo Finance Live and shared the top mistakes people make when planning retirement. And th...

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More than $200 billion in unemployment aid may have gone to fraudsters in the pandemic

A significant portion of government support reserved for unemployed Americans instead went to scammers during the pandemic, according to new estimates.
According to ID.me, a computer security service that 19 states - 75% of the national population - use to verify the identity of workers, thieves ...

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Stimulus checks: Debt collectors can garnish your $1,400 payment

Many Americans waiting for the third round of stimulus checks may find that their payments go to collection agencies instead.
The new $ 1.9 trillion American Rescue Plan, signed Thursday, does not prevent stimulus payments from being garnished. While lawmakers tried to include a provision to prot...

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Stimulus checks: 85% of US households could get their payment as soon as this weekend

The majority of U.S. households are eligible for the $ 1,400 stimulus checks, and payments could be in their bank accounts as early as this weekend.
According to a tweet by the House Ways and Means Committee, around 85% of households can expect the third payment round to be paid directly into the...

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Coronavirus stimulus: What you need to know about unemployment benefits

After the Senate and House of Representatives passed the $ 1.9 trillion stimulus agreement and the legislation waits to be signed by the president this week, Americans who are unemployed or sometime in 2020 would benefit from this round of relief .
Under the new legislation, unemployed Americans ...

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Stimulus checks: Here's who gets a $1,400 payment under the bill headed to Biden's desk

With a revised version of President Joe Biden's $ 1.9 trillion stimulus package passing the Senate and House of Representatives, the third round of the $ 1,400 stimulus check could soon hit Americans' bank accounts.
The Senate passed the aid package on Saturday, followed by the House on Wednesday...

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Here's how the $1.9 trillion stimulus bill helps college students and graduates

The $ 1.9 trillion stimulus package that the Senate passed on Saturday, and which may be passed this week, contains some important provisions for undergraduate and graduate students.
The greatest benefit for student loan borrowers is a provision that exempts them from paying taxes when they recei...

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‘Abysmal track record’: Few student loan borrowers received forgiveness through government repayment plan

Congress wrote a bill that promises forgiveness to student loan borrowers who have made on-time payments for two decades. However, according to a new report, this promise has not been kept.
Of the roughly two million borrowers on the plan who have been making payments for more than 20 years, only...

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How your 2020 taxes could affect the size of your next stimulus check

If another stimulus bill is close to the tax season's entry into effect, filing it now or later may affect how much you will get on your next stimulus check.
If your income has decreased in 2020 compared to 2019, you should submit online immediately. However, if it increases, you can wait for the...

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Money worries are holding Americans back from getting the vaccine

Widespread immunization is key to ending the coronavirus pandemic, but a significant number of Americans are reluctant to get their vaccines - especially people with skin color - for financial reasons.
According to a recent survey by the Kaiser Family Foundation, more than a third of adults are c...

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Most retirees find retirement doesn't live up to their expectations

After decades of saving up for their golden years, it turns out that retirement is not at all what people expect, according to a recent survey. Seniors struggle with spending problems, forced retirement, and an identity crisis.
"We assume that retirement will be a thing. Then, when you actually r...

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New stimulus check thresholds would leave 12 million adults without payments

Tighter income requirements for the next round of stimulus testing would mean 11.8 million fewer adults and 4.6 million fewer children would receive payments, compared to an earlier version of the relief bill passed last week, according to estimates by the Institute for Taxes and Economics Politi...

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Progressive Democrats call for Biden to overrule Senate parliamentarian on minimum wage

The House Democrats are redoubling efforts to raise the minimum wage to $ 15 and calling on the President to override Senate rules.
23 prominent democratic representatives, including MPs Rashida Tlaib (D-MI), Ilhan Omar (D-MI), Alexandria Ocasio-Cortez (D-NY) and Ro Khanna (D-CA), asked Biden for...

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House passes Biden's $1.9 trillion relief package including $1,400 stimulus checks

Parliament passed President Joe Biden's $ 1.9 trillion stimulus package early Saturday and sent the legislation to the Senate for vote, where it is likely to face even more resistance.
The democratically controlled house voted 219 to 212 to pass the American Rescue Plan. The package is now going ...

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Government approves emergency $50 internet subsidy for low-income families

The federal government approved an emergency program this week to help lower-income families spend more money on high-speed Internet access and ultimately create a work and school lifeline for many Americans in the pandemic.
"This is a program that will help those at risk of digital separation," ...

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Mortgage rates up to highest level in months after historically low run

Mortgage rates rose closer to 3% this week, further away from historic lows seen in early January.
According to Freddie Mac, a government-sponsored agency that guarantees millions of mortgages, the average interest rate on the 30-year fixed-rate mortgage - the most common home loan - rose from 2....

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Housing: FOMO is fueling a homebuying surge that could become ‘a curse’

A pandemic, historically low mortgage rates and record lows in real estate stocks are helping many homebuyers skip critical steps to break into the hot housing market, according to a financial expert.
"You see people have this urge to rush and get things done in order to miss something," Chris Ho...

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Jobless workers may face a surprise tax bill or smaller refund

With tens of millions of Americans dependent on unemployment benefits during the pandemic, many may face a tax burden or a lower refund this season if they haven't withheld enough over the year.
Unemployment benefits are taxable and must appear on your 2020 taxes, on both federal and some state i...

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Expert: Gig workers face 'a huge tripping point' when it comes to taxes

With some people turning to freelance sideline jobs for the first time in the pandemic, many may be surprised at the challenges they face when filing their taxes for the first time.
According to Caroline Bruckner, executive director of the Kogod Tax Policy Center and American University's Kogod S...

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Low-income Americans could face hurdles getting their tax refund fast and free

Low- and middle-income households could face tax refund delays and higher costs for tax preparation services after a late start this year, and new incentive provisions are making the filing season more difficult.
This year, rule changes may mean that more people will be eligible for the Child Tax...

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Key tax changes this year could mean bigger tax refunds for many

Many taxpayers will face numerous tax changes to their federal returns this season after the government put in place various incentive provisions to provide financial relief during the pandemic. That could mean a higher tax refund for many this year.
But for those in need of unemployment insuranc...

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