Should I do a Roth conversion now?
Roth conversions were the question on the table during a discussion I had recently. With the markets down, someone who had been contributing to a traditional IRA wanted to know if they should do Roth conversions during the current financial mess accompanying the COVID-19 pandemic. Roth conversions are all about…
Where is my stimulus check?
For those who desperately need their CARES Act stimulus check [1, 2], waiting for it is painful. And not even knowing if the IRS has all the information it needs for sending that money to you is even more of a black box. The IRS has set up a website…
Listening, with and without context
Much of America just celebrated a big family holiday, Easter. When we’re not in the throes of a pandemic, for my family it involves sitting around multiple large and small tables (50 would be a normal number of people for holidays, due to the size of extended family on my…
Unemployment Insurance during COVID-19
Involuntary furloughs are coming. As we start talking today about one of our country’s social protection systems, unemployment insurance, let me lead with 3 very important points. First, unemployment insurance varies GREATLY by state, there is no national standard. Second, if you don’t qualify for unemployment by your state’s standards,…
What is a Furlough?
I’m sure you’re not surprised that I’m getting a lot of questions these days about “what is a furlough”, “will I be furloughed”, “how will a furlough affect me?”. First, what is a furlough? These days layoffs mean permanent loss of your job, while a furlough means you are still…
The drain of staying isolated
Some feel it more than others. The drain of staying isolated, as we get further into Stay At Home orders. Depending on your home situation, and how much of an introvert vs extrovert you are, and whether you’ve got an essential business position that you have to report to in…
Additional tax implication COVID19 thoughts
Yesterday we talked about the CARES Act, focusing on the Economic Relief Rebate. Today we’re going to briefly cover two other financial implications of COVID19. First, a great graphic illustrating the rebate amounts vs AGI is hosted by the Tax Foundation. Second, separate from the CARES Act, the IRS has…
CARES act, or Economic Relief Funds part 2
Earlier this week we were talking about the possibilities of checks coming to Americans in this time of world-wide hardship. The US Congress passed, and the President signed, the CARES act into law today. We’ve talked previously about how major tax reform only comes around every ~20 years, and how…
The importance of distancing socially
It is well known that one of the risk factors for death in the elderly is loss of their important social groups, as friends, family, and pets die or are moved away. Still not convinced? Take some of your shut in time to read this book, The Blue Zones (no…
Economic Relief Funds
Any time you’re looking at the prospect of incoming money, that money should have a plan. That’s true if you’re in normal times with a paycheck, getting a bonus or an inheritance, or now as the United States Congress is trying to come up with their economic relief plan that…