When it comes to going to the Social Security office, a lot of people cringe at the thought. Long lines and wait times are just the beginning and it doesn’t get much better. In today’s age, you can manage your own Social Security profile and execute many critical moves yourself online. By setting up a free MySocialSecurity account at www.ssa.gov, you can manage many details as well as protect against fraud. On this site you can do things like estimating your Social Security benefits, reviewing your earnings history, apply for Medicare benefits and even appeal a Social Security decision. Take a look at the website and pull up your current benefits statement.
The IRS announced Monday that it has begun accepting Forms 1040-X, Amended U.S. Individual Income Tax Return, electronically, which it calls a “major milestone in tax administration” (IR-2020-182). According to the IRS, it has put years of effort into developing the ability for taxpayers to e-file Form 1040-X, “and the enhancement allows taxpayers to quickly electronically correct previously filed tax returns while minimizing errors.” The IRS announced in late May that Form 1040-X e-filing was coming sometime this summer.
I have personally been curious to what people did with the $1,200 stimulus checks they received earlier this year. More than half of the people who received checks used it to pay down debt while another one third saved their check. One of the major goals for these checks was to help spur economic activity via consumer spending which is one of the driving forces of the U.S. economy. So, it appears that only approximately 15% of people who received checks used the funds for this purpose. We await to see if there will be more stimulus after the last round.