The financial news that actually matters
The federal itemized deduction for state and local taxes has a $40,400 overall ceiling for most 2026 returns. Once modified adjusted gross income exceeds $505,000, that ceiling begins to fall, although it cannot drop below $10,000; married taxpayers filing separately use half-sized figures. Free retirement updates: Want plain-English help keeping more of your money in…
A workplace retirement-plan loan has both a federal ceiling and plan-specific repayment risk. The ordinary maximum is the lesser of 50% of the participant’s vested balance or $50,000, while a job departure can cause the plan to demand the outstanding balance. Failure to handle that balance can turn the loan into taxable income. Free retirement…
A qualified charitable distribution can move IRA money directly to an eligible charity without including the otherwise taxable amount in gross income. For 2026, the annual exclusion ceiling is $111,000 for an IRA owner who is at least 70½ when the transfer occurs. The direct-transfer rule is essential. Charity eligibility is a separate gate. Free…
The Medicare Prescription Payment Plan changes when covered Part D costs are paid, not how much they cost. A participant pays the health or drug plan in monthly installments instead of paying the full out-of-pocket amount at the pharmacy, which can smooth an expensive part of the year but does not create a discount. Free…
Medicare limits the patient cost of a one-month supply of each covered insulin product to $35 and does not apply a deductible to that insulin. The cap covers qualifying insulin under both Part D and Part B, but it does not make every diabetes-related supply free or guarantee that every insulin product is on a…
Medicare-approved hospice care is generally available without a charge for the covered hospice services themselves. Two limited forms of cost sharing remain. A patient may pay up to $5 for an outpatient prescription used for pain or symptom management and may owe 5% of the approved amount for inpatient respite care. Other uncovered costs can…
A covered skilled nursing stay can become expensive after its first 20 days: in 2026, Original Medicare imposes $217 in daily coinsurance for covered days 21 through 100 of a benefit period, creating a potential bill of thousands of dollars even when the stay remains medically covered. Coverage and cost sharing both depend on strict…
Returning to paid work does not automatically end Social Security Disability Insurance. The program includes a trial period that protects the full monthly disability payment while a beneficiary tests the ability to work, but the earnings figure that identifies a trial month must be understood correctly; for 2026, that trigger is $1,210 before taxes. Free…
An adult whose disability began before age 22 may qualify for Social Security benefits based on a parent’s earnings record. The parent must generally be receiving retirement or disability benefits, or have died after earning enough Social Security coverage. The program is commonly called Disabled Adult Child benefits, but the claimant must satisfy Social Security’s…
A worker who retires in the middle of 2026 can sometimes receive full Social Security checks for the remaining months even after earning more than the annual limit earlier in the year. The special first-year rule looks at wages and self-employment month by month; for someone under full retirement age throughout 2026, a month can…