The financial news that actually matters
Families sitting on unused 529 college savings now have a direct path to convert those dollars into retirement wealth. Section 126 of the SECURE 2.0 Act of 2022 allows a 529 beneficiary to roll over surplus funds into a Roth IRA, tax-free, up to a $35,000 lifetime cap. The rule applies to distributions made after…
Homeowners with FHA-backed mortgages are losing their properties at a sharply faster pace. Foreclosure starts on these loans climbed 26 percent over the past year, a rise concentrated among borrowers who exhausted forbearance options after recent servicing rule changes took effect. Because FHA loans represent a disproportionate share of first-time and lower-income buyers, the acceleration…
Sen. Bernie Sanders, the Vermont independent, introduced legislation to create a $7 trillion AI sovereign wealth fund, financed by a one-time 50 percent equity tax on the largest artificial intelligence companies. The proposal would force firms like Google, Meta, and OpenAI to hand Washington an ownership stake in their operations, channeling future profits into direct…
Americans who need to move money fast still face a steep toll at many banks, where a single domestic wire transfer can run $35 to $50 per transaction. That cost stands in sharp contrast to two alternatives that charge nothing: Zelle, the bank-backed peer-to-peer network, and FedNow, the Federal Reserve’s instant payment rail. The gap…
American shoppers are paying nearly 13 percent more for beef than they did a year ago, making it the fastest-rising item in the grocery store. The price surge traces directly to a shrinking national cattle herd. The U.S. Department of Agriculture’s National Agricultural Statistics Service recorded just 86.2 million head of cattle and calves on…
About 190,000 people who requested car insurance quotes through Lemonade’s online platform can collect a flat payment of roughly $55 each, with no requirement to prove they suffered harm. The catch: the filing window closes on September 8, and anyone who misses it walks away with nothing. The settlement, filed in the Southern District of…
Workers who have turned 50 can steer up to $31,000 into a 401(k) during the 2025 tax year, combining the standard $23,500 employee contribution cap with a $7,500 catch-up allowance. The IRS set these figures as part of its annual cost-of-living adjustments, raising the base elective deferral limit by $500 over the 2024 ceiling of…
Fidelity Investments customers affected by a data breach have a narrowing window to file claims worth up to $100 each, with no documentation required to collect. The firm agreed to pay $2.5 million to resolve the breach, and the deadline to submit a claim falls on July 27. For anyone who has not yet acted,…
Christine Hunsicker, founder of the fashion-rental technology company CaaStle, was charged in a federal indictment with wire fraud, money laundering, false statements to a financial institution, and aggravated identity theft in connection with an alleged $300 million scheme that deceived institutional investors. Hunsicker pleaded not guilty at her initial court appearance and was released on…
Taxpayers who paid interest or penalties tied to COVID-19 disaster relief now have a digital path to claim refunds, but the window closes in eight days. The IRS on July 1 launched an online option to file Form 843 through IRS Online Account, targeting claims that cite the federal court ruling in Kwong v. United…