The IRS is warning taxpayers of an identity theft scam involving unemployment benefits. Thieves stole identities and applied for and received unemployment benefits, which means that many people will receive a 1099-G with unemployment benefits they did not receive. Unemployment benefits reported on a 1099-G must also be reported on the recipient’s tax return. People who receive a 1099-G for benefits they did not receive must contact their state unemployment office to obtain a corrected 1099-G.
Another proposal, just introduced by Democrats on Monday, would expand the Child Tax Credit and give millions of families $3,600 per child under six and $3,000 per child aged six through 17. These payments would be paid out monthly starting in July. A Republican proposal would also expand the Child Tax Credit program, with monthly payments of $350 per child per month for young children and $250 per month for school-aged children.
Understand your cash inflows and outflows so you can work out how much can be set aside as your savings. It is recommended to set realistic goals and a concrete plan to reach your targets. If you’re not yet ready to make investments, at least have your current affairs sorted.
