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Sunday, March 31, 2024

Our Tax Season Top 10

Read them! Share them! ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌  ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ 

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The Daily Money

ALL THE MONEY NEWS YOU NEED TO KNOW

Sun Mar 31 2024
 

Daniel de Visé | Personal Finance Reporter

Good morning. This is Daniel de Visé with your Daily Money, Sunday Tax Edition.

On Sundays between now and April 15, we'll walk you through what's new and newsworthy in Tax Season 2024.

In today's edition, we'll revisit our Tax Season Top 10, linking out to our best tax-tip stories from recent weeks. Read the stories. Share them with your friends. Tax Day is coming!

And now, the list:

1.An extra tax deduction, exclusively for older adults
2.How to qualify for the 2023 child tax credit
3.How to track your tax refund through the IRS system
4.Soften the blow of student loan payments with this deduction
5.What to do if you get an IRS collection letter
6. Is Social Security income taxable?
7.Which EVs qualify for a tax credit?
8.What are the new IRS tax brackets?
9.What is capital gains tax, in simple terms?
10.Everything new parents need to know at tax time

About the Daily Money

This has been a special Sunday Tax Edition of The Daily Money. Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.
Starting in 2023, people with Medicare Part B may be able to save money on their premiums, as well as their annual deductible.

Seniors struggling to make ends meet may save some money when they do their 2023 taxes by claiming the extra tax deduction. Here's how it works.

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In 2021, the expanded child tax credit with monthly payments became available to 65 million children in a record nearly 40 million families across the United States. This single piece of legislation helped lift 5.3 million Americans out of poverty, including 2.9 million children.
 

Child tax credit: Here's what you need to know for this tax season

Here is what you should know about the child tax credit for this year's tax season and whether you qualify for it.
What to know about the 2024 tax season from USA TODAY reporters.
 

Where's my refund? How to check for your tax refund with the IRS

Here's how to track the progress of a tax refund check through the IRS system.
President Joe Biden's executive order to wipe out some student loan debt raised immediate questions about how states would treat this relief for tax purposes. The plan forgives up to $10,000 in outstanding federal student loan debt and up to $20,000 for students from low-income families who qualified for a Pell Grant. The White House estimates that 27 million people qualify for $20,000 in relief. Individuals earning more than $125,000 per year are not qualified for debt discharge under this new relief plan. Some of these fortunate debtors, however, could wind up on the hook for hundreds of dollars in income taxes on the forgiven debt. For example, unless Arkansas implements a legislative fix, anyone there who benefits from this debt forgiveness could pay up to $550 in state income tax and more if they qualify for the additional relief, according to KFSM news. Discharged student loan debt is typically considered a form of income subject to federal income tax, but the American Rescue Plan Act of March 2021 included a moratorium on taxing student loan debt forgiveness through 2025. This means that student loans discharged under Biden's plan announced in August will not be taxed at the federal level. The situation is murkier at the state level. Most states are following the federal government's lead by not taxing this discharged debt. But Indiana and North Carolina plan to tax this forgiven debt, as does Mississippi, where nearly 11% of federal student loan borrowers are at least 90 days past due on their last payment, the highest percentage in the nation. About 2.7 million federal student loan borrowers live in these states. The situation remains unclear in five states, including California, where 4 million federal student loan borrowers reside. Legislative leaders in the Golden State have insisted they will act to avoid taxing this forgiven debt, but the situation is not yet settled. About 2.3 million borrowers live in states with situations similar to California's, waiting in limbo to see what, if anything, they will have to pay in taxes next year. ( These are cities where college students are most burdened by debt. ) 24/7 Wall St. reviewed the eight states where the student debt forgiveness could be taxed, with information gathered as of Sept. 10. States on this list are ordered by the share of student loan borrowers who are 90+ days past due. ( Here are the states with the most past due student debt. ) Data on the number of student loan borrowers by state in 2021; average student loan debt balances by state in 2021; and percentage of student loans borrowers who are 90+ days past due on their loans come from the Federal Reserve Bank of New York . Data on income tax collection and state revenue per capita for 2020 come from the Tax Foundation , a Washington D.C.-based nonprofit tax research organization.
 

Repaying student debt? You may be eligible for a $2,500 tax break.

Feeling squeezed by having to make student loan payments again? Ease the blow with a potentially $2,500 tax deduction. Here's what you need to know.
Taxpayers are warned that their income tax refund could be smaller this year after many stimulus tax breaks ended. FILE - A sign outside the Internal Revenue Service building in Washington, on May 4, 2021. (AP Photo/Patrick Semansky, File)
 

IRS is sending out collection notices. Here's what to do.

After pausing during the pandemic, the IRS is sending out LT38 Notices for the first time in two years. Don't panic. Also don't ignore them.
Social security set to increase in 2023
 

Here's how much of your Social Security benefits are taxable

How is Social Security taxed in 2024? Here are the rules used to calculate how much you might owe on your benefits.
Chevrolet Bolt EV sits on display before U.S. President Joe Biden speaks at the grand opening of General Motor Co.'s Detroit-Hamtramck EV Factory Zero on Wednesday, Nov. 17, 2021. The president added $7.5 billion to create new electric vehicle charging stations as part of his infrastructure package recently passed by Congress and signed into law in November 2021.
 

See the list of electric cars that qualify for tax credits in 2024

Fewer electric car models qualify for tax credits in 2024 after new requirements kicked in on Jan. 1.
A woman looks at a tax return form and uses a calculator.
 

What are the new federal tax brackets for 2023 and 2024? Answers here

2023 US federal tax bracket guide: Which tax bracket am I in for 2023? What are the new IRS tax brackets for 2024?
Corporate boards are approving new share repurchase programs in order to beat an end-of-the-year deadline to beat the new 1% excise tax.
 

Tax season is upon us. Here's your guide to capital gains taxes.

Figuring out how much you owe in capital gains taxes for 2024? Here's what you'll need to know before filing.
After giving birth, a women's body continues to shift and change, which is why new mothers should continue to have regular checkups with a provider during the recovery process.
 

2024 tax season guide for new parents: Tips about credits, deductions

Had or adopted a child in 2023? What new parents need to know about tax credits and deductions. Importantly, the enhanced Child Tax Credit went away in 2022.

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