The financial news that actually matters
Workers who leave an employer at age 55 or older can pull money from that company’s 401(k) plan without paying the 10% early-withdrawal tax that normally applies to distributions taken before age 59 and a half. The rule, rooted in federal tax code, applies only to the plan held by the employer the worker just…
Millions of taxpayers who did not file their 2025 federal returns by the April 15 deadline still have a free electronic filing option open to them. The IRS confirmed in IR-2026-71 that its Free File program remains available at no cost through Oct. 15, giving late filers a way to submit returns electronically and avoid…
Millions of Medicare beneficiaries who rely on prescription drugs for cancer, diabetes, and asthma will see lower costs after the federal government finalized negotiated prices on 15 widely used medications. The Centers for Medicare and Medicaid Services projects the deals will cut net spending by roughly 44 percent, saving an estimated $12 billion compared with…
U.S. citizens and resident aliens living overseas face a hard deadline of June 15 to file their 2025 federal tax returns under the automatic two-month extension granted to qualifying expats. With just seven days left in the window, filers who have not yet submitted their returns risk late-filing penalties and accruing interest on any unpaid…
Workers who borrow from their 401(k) accounts face a strict five-year repayment clock, and a job change before that clock runs out can convert the remaining balance into taxable income plus a 10% early-withdrawal penalty for those under age 59 and a half. The IRS requires repayment in substantially equal installments made at least quarterly,…
California gig workers who delivered for Grubhub face a June 18 deadline to file claims in a $24.75 million settlement tied to wage and hour disputes. The payout arrives as federal regulators separately pursue the company over how it represents driver earnings, creating dual pressure on one of the largest food delivery platforms in the…
Families across the United States have recovered billions of dollars in life-insurance proceeds they did not know existed, thanks to a free federal-state search tool that quietly became one of the most effective consumer-recovery programs in the country. The Life Insurance Policy Locator, built by the National Association of Insurance Commissioners and state regulators, lets…
Tens of millions of taxpayers who paid failure-to-file or failure-to-pay penalties on returns from 2020 through 2023 now have 32 days to claim refunds before a practical filing cutoff on July 10, 2026. The National Taxpayer Advocate flagged the deadline after a federal court ruling reinterpreted how the COVID-19 disaster period affects penalty assessments, opening…
Borrowers, investors, and anyone planning a major purchase in 2026 face a stark reality: futures markets now assign roughly a 75 percent probability that the Federal Reserve will not cut interest rates at all this year. That pricing emerged just as the Federal Open Market Committee wrapped its March 17-18, 2026 meeting and released a…
Retirees whose modified adjusted gross income edges past $109,000 in 2026 will pay an extra $81.20 per month on top of the standard Medicare Part B premium of $202.90, a surcharge that adds $974 to their annual health-care bill. The penalty, known as the income-related monthly adjustment amount, or IRMAA, is calculated from tax returns…