Personal finance

cmannphoto | Getty Images  Many Americans may soon get checks in their hands from the government. But Uncle Sam could also claw back some of that money. Information about how much those checks will be – and whether or not individuals will pay tax on them – will likely be hammered out in a deal

Tara Moore | Getty Images A  bill proposed by Senate Majority Leader Mitch McConnell, R-Ky., calls for sending checks of $1,200 to $2,400 to most Americans as a result of the economic damage stemming from the coronavirus outbreak. Based on the language of the bill, most Social Security recipients should be covered. But whether that will

US Secretary of Education Betsy DeVos Saul Loeb | AFP | Getty Images U.S. Department of Education Secretary Betsy DeVos announced on Friday that student loan borrowers could put their monthly payments on pause for at least 60 days during the coronavirus outbreak.  DeVos said this pause, coupled with the suspension of interest on student

U.S. Senate Minority Leader Sen. Chuck Schumer (D-NY) speaks during a news conference at the U.S. Capitol March 17, 2020 in Washington, DC. Alex Wong Senate Democrats are proposing that the federal government cancel student loan payments throughout the coronavirus outbreak and forgive at least $10,000 of the debt for each borrower.  The plan unveiled

If you have cash parked in a money market fund that invests in non-U.S. Treasury debt, the Federal Reserve says it’s got your back. Late Wednesday, the Fed announced a new program that will make loans to financial institutions that buy shares in “prime” money market mutual funds, whose investments include corporate bonds. It’s the

JGI/Jamie Grill You may have more time to pay your taxes, but you’re running out of time fund your IRA for 2019. The Treasury Department threw accountants and tax preparers for a loop this week when it announced it would give taxpayers until July 15 to pay taxes owed.  Returns would still be due on

AndreyPopov | Getty Images Some good news – in the form of money – may be coming to Americans soon. On Tuesday, Treasury Secretary Steve Mnuchin said that the Trump administration plans to move “immediately” to send money to Americans as the coronavirus cripples the economy. “Americans need cash now,” Mnuchin said, indicating checks could

Steven Mnuchin, U.S. Treasury secretary, right, speaks beside U.S. President Donald Trump during a Coronavirus Task Force news conference in the briefing room of the White House in Washington, D.C., U.S., on Tuesday, March 17, 2020. Kevin Dietsch | Bloomberg | Getty Images. The Treasury Department won’t extend the tax filing deadline for 2019 returns,

boonchai wedmakawand Financial scammers will likely try to steal money offered to Americans suffering from the negative economic effects of the coronavirus pandemic — and the public should be on its guard, federal officials warned on Wednesday. The White House has proposed making direct payments to American households as the coronavirus continues to wreak havoc

The Internal Revenue Services offices in Washington, D.C. Adam Jeffery | CNBC The Trump administration has called for a delay to the April 15 tax deadline. Taxpayers are still in the dark on when they’ll need to submit paperwork and pay Uncle Sam. In fact, today – March 16 – marked a deadline for small businesses,

U.S. President Donald Trump speaks while flanked by Secretary of the Treasury Steven Mnuchin (R) during a briefing about the coronavirus in the press briefing room at the White House on March 17, 2020 in Washington, DC. Drew Angerer | Getty Images Taxpayers will get a three-month reprieve pay the income taxes they owe for

Tourist admiring the Perito Moreno glacier, Argentina. © Marco Bottigelli Travel deals are emerging amid the chaos of the global coronavirus outbreak. Many people are probably wondering if now is the right time to buy, whether for an out-of-town jaunt or a big summer vacation. The short answer is that it’s not worth it right

Bettmann | Getty Images It’s natural to want to strengthen your safety net in an emergency. For many, that means having extra cash on hand, whether that’s in the bank, in your wallet or both. That’s especially relevant now, as news headlines change by the minute. Meanwhile, the Federal Reserve cutting interest rates to near

Another wrinkle for the travel industry may emerge as the novel coronavirus, or COVID-19, continues its rapid spread across the country: airline passengers who don’t have proper identification to fly domestically beginning in October. At least two states have now asked the federal government to delay the enforcement date for when travelers must comply with

A commuter stands on an empty Metro North train platform at Grand Central Terminal during rush hour on March 12, 2020 in New York City. Cindy Ord | Getty Images As the coronavirus brings the U.S. economy to a slowdown, if not a halt, many are worried that a recession is coming. A recession is

Toilet paper shelves lay empty at a supermarket in Saugus, Massachusetts on March 13, 2020. Joseph Prezioso | AFP | Getty Images It’s not all in your mind. The growing panic over coronavirus is real, and fear is a rational response. What’s not a foregone conclusion is your own reaction. When markets tank, some people

In a rare move, the Federal Reserve announced an emergency rate cut of 50 basis points in response to the growing threat from the coronavirus outbreak. It’s the first time the Fed has cut rates by half a percentage point since late 2008.  “The fundamentals of the U.S. economy remain strong,” Fed Chairman Jerome Powell said

Many international students are not able to come to the U.S. and that could cause a significant disruption in our college system. For years, there has been a major influx of students studying in this country, particularly from China. In fact, one-third of all the international students in the U.S. come from China — more

Woman skydivers at sunset. Rick Neves Plummeting markets are making Roth IRAs more attractive, although not everyone can put money into these retirement accounts. Workers can save after-tax dollars in these individual retirement accounts, have them grow tax-free and then tap them free of taxes in retirement. Two events make Roths an even better deal

DenisTangneyJr Students at Georgetown College in Kentucky received a one-two punch of bad news this week. Amid the coronavirus, classes would be moved online until at least April and most students would need to vacate their dorms.  Oh, and they shouldn’t expect a refund.  “[T]he college is not in a financial position to offer any rebates