U.S. Finance Updates: Gas Stimulus Check, Medicare, Tax Deadline…
Sstay tuned to our live blog Sunday, April 10, 2022, to stay up to date with the latest US financial news. We’ll provide the latest and greatest updates on rising gas prices and the controls being sought to cushion that blow, as well as news on health insurance and tax deadlines.
Tough financial times loom as gasoline prices soar across the United States, and rising inflation is beginning to have an effect on the cost of daily necessities for millions of Americans. Although the federal and state governments are partly responsible due to the impact of the prolonged coronavirus measures, they are currently implementing certain measures to try to cushion this blow, by introducing programs that try to offset the spiraling costs across the country.
In our live blog on the latest US financial news and advice this Sunday, April 10, we’ll have updates on all of these stories and more.
What was the Social Security age change?
Social Security payments can start when you turn 62, keeping in mind that the check you receive will be reduced if there are any benefits collected. To be entitled to a full allowance, you must register with social security when you retire, since the retirement age changes according to the date of birth.
For those born in 1937 or earlier, the retirement age was 65. Now, if you were born between 1943 and 1954, the retirement age is 66. There are two-month increments each year, so those born in 1959 can retire at 66 and 10 months, etc.
Claiming benefits at full retirement age is rewarding
The average retirement benefit is $1,657 per month, but there are instances where some people receive $3,345 per month, the highest benefit.
The key to qualifying for such assistance is to reach the age of 66 years and 4 months for people born in 1956. Then you can collect 100% of the benefit calculated from your lifetime earnings.
Learn more about how to know the exact amount you will receive at retirement
Due to the Russian invasion of its territory, Ukraine’s GDP is expected to fall by 45.1% this year
The destruction of the production capacity of its companies and therefore the reduction of its exports, following the Russian invasion of its territory, has caused the Ukrainian economy to record a sharp drop this year.
The latest World Bank report forecasts that Ukraine’s gross domestic product (GDP) will fall by 45.1%.
Russia’s GDP output in 2022 is also expected to fall by 1.2%, due to financial sanctions imposed by the United States and its allies.
Russia responds to economic sanctions imposed by the United States and its allies
The Russian government announced on Sunday that it had increased its reserve fund by 273.4 billion rubles ($3.4 billion) to ensure economic stability in the face of foreign sanctions.
The main source of the increase, 271.6 billion rubles, was additional oil and gas revenues received in the first quarter of 2022, the Kremlin said in a statement.
The reserve fund of Russia was created to finance unforeseen expenses and important measures not covered by the federal budget.
Is Bitcoin mining legal in the United States?
Over the past few years, the United States has developed a patchwork of cryptocurrency regulations, with state and federal lawmakers taking turns to address specific aspects of the industry. Several agencies, such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), are vying for control of parts of the booming cryptocurrency market.
Although these financial watchdogs have issued guidelines, warnings and rules, their efforts have so far been largely uncoordinated.
Learn more about management of cryptocurrencies in the American Union.
What if you can’t pay on time?
If you think you can’t pay this year, it may be time to seek professional advice and not find yourself in financial difficulty.
At this stage of the year, there are recurring doubts such as, What if I can’t pay my taxes? What if I don’t have enough money to pay all my taxes?
As everyone’s tax situation is unique and there is no one-size-fits-all strategy, you should seek professional advice.
Learn more about how to pay my taxes on time
Social Security Disability Benefits
Every day, due to health problems, hundreds of people are unable to work, limiting their ability to earn a living. However, they are eligible for Social Security Disability Insurance (SSDI) benefits.
Learn more about how to access this benefit
Gas prices are starting to drop
There is finally some good news when it comes to gasoline prices in the United States, as they are starting to drop across the country.
There have been declines of eight cents on average in the United States, which is explained by the government’s plans to release more oil.
State receives $500 rebate checks
Although federal stimulus checks are a thing of the past, states can still distribute checks if they wish and that is what is happening in New Mexico.
There, lawmakers passed a bill that will send $500 checks in two installments over the next few months, with the first likely scheduled for May and June.
You can learn more here about $500 refund checks in New Mexico.
Know your health insurance rights
A Local coverage determination (LCD) may initially prevent you from claiming a particular item or service on Medicare, but keep in mind that it may be possible to appeal such a decision.
You can appeal if you need the item or service that is not covered by the LCD and if you are eligible for Medicare Part A benefits (hospital insurance), if you are enrolled in Medicare Part B (insurance medical), or both.
You can learn more here about filing an appeal against a Medicare LCD.
Next steps after student loan payment suspension
As another pause in student loan payments has been approved, US politicians are now considering the next steps for the country’s student loan problem.
Senator Patty Murray has now called on the government to cancel some of the debt for all borrowers, fix the broken student loan system and extend the payment break until 2023 to achieve this.
What happens to unclaimed IRS refunds?
If you don’t collect your tax, the money will go to the Treasury Department. Unclaimed money will be applied against any amounts still owing to the IRS or a state tax agency. It could also be used to offset unpaid child support or overdue federal debts, such as student loans.
People in the United States must file their 2021 tax returns by April 18 to avoid possible consequences.
Learn more about tax due dates and what happens to unclaimed refunds here.
Final Gas Stimulus Check
Gasoline prices are at an all-time high, pointing to bleak times for ordinary Americans who continue to see higher prices at the pumps.
Some sections of Congress are pushing for the Gas Rebate Act of 2022 that would give Americans $100 in an effort to combat soaring gas prices, targeted at people earning $75,000 or less.
Learn more about the gas stimulus check here.
Tax Deadline 2022
April 18 is the last day to file your tax returns in the vast majority of states. However, if you are not on time, you can request a tax extension before this date.
File an automatic U.S. Personal Income Tax Return (PDF) Filing Deadline Extension (Form 4868) on or before your return’s usual due date. If you do not correctly estimate your tax, you will be deemed not to have filed a valid extension request and you may be charged a late filing penalty.
Learn more about the Tax deadline 2022 here.