Friday, January 12, 2024

The Daily Money: Taxes after divorce can get messy

Welcome to our consumer-focused newsletter on Fridays. Today: tips for doing your taxes after divorce and updates on student loan forgiveness.

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The Daily Money

ALL THE MONEY NEWS YOU NEED TO KNOW

Fri Jan 12 2024
 

Betty Lin-Fisher | Consumer reporter

@blinfisher

Happy Friday! This is Betty Lin-Fisher with today's The Daily Money. Each Friday, I will bring you a consumer-focused edition of this newsletter.

College tuition already costs so much, but then add on room and board and other associated fees and it can be even more of a financial burden President Joe Biden and his administration have been going after "junk fees" in various industries. Now he's looking to curb hidden fees for things such as food and textbooks, my USA TODAY colleague Zachary Schermele reports.   

Schermele also has another education-related article worth noting: The Education Department is speeding up the timeline for immediate relief for some student-loan borrowers. Under Biden's  Saving on a Valuable Education (SAVE), in February enrolled borrowers will have their debts immediately canceled if they originally took out $12,000 or less in undergraduate or graduate student loans and have been in repayment for at least 10 years. The relief was previously set to begin taking effect in July. 

Taxes after divorce can get messy
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Taxes after marriage can get messy. We offer 7 tips for the newly unmmarried.

designer491 / Getty Images

Relationships aren't the only thing that are messy after a divorce. Your taxes also get messy, my USA TODAY colleague Daniel de VisΓ© reports.

If you got divorced in 2023, you'll have to learn some new rules when filing taxes in 2024. He talked to experts and offers 7 tax tips for the newly unmarried.

πŸ“° Consumer stories you shouldn't miss πŸ“°

πŸ” Today's Menu πŸ”

Have you heard of "egg ick?" It's a thing on TikTok. To learn more about what that is – and to find out why eggs are good for you, take a look at this story by my USA TODAY colleague Clare Mulroy.

About The Daily Money

Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.
Accommodating books - cont'd     When he was a student at Chico State, he could not find a bag to hold his books, so he asked a seamstress, Marcia Briggs, to make one for him. They used textbooks to measure the square shape to fit books in the backpack, which they called the Cricket. ALSO READ: What School Days Used to Look Like

The Biden administration is considering new regulations on colleges to curb hidden fees for things such as food and textbooks.

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NextGen America student debt relief advocates listen and react as the Supreme Court released opinions on in the student loan cases on June 30, 2023.
 

Student loans to be immediately canceled for some borrowers next month

Immediate relief for some student loan borrowers will start as early as next month, the Education Department announced Friday.
17. Using tax credits     Many expenses can qualify for tax credits rather than just being deductible. While a deduction lowers your taxable income, a tax credit reduces your actual tax bill by the amount of the credit. They are meant to help middle- and low-income households. The higher the income, the less likely a person or family would qualify for tax credits. And depending on the income and status, you might qualify for just a portion. The IRS lists several credits for individuals and families, and it is worth checking your qualification for these, especially for low- to moderate-income earners. Among the credits are the earned income tax credits, which also applied to self-employed individuals; the child and dependents care credits, which helps cover costs of daycare, for example; and credits for education and retirement saving among others.
 

Taxes can get messy after divorce. Here are tips for the newly unwed

If you and your spouse divorced in 2023, you will have to learn a new set of rules for paying taxes in 2024.
8 things to do in a winter storm thumb
 

What to do if you're stuck in your car during a winter storm

Winter weather can be treacherous and it's important to stay safe if you get stuck.
Women best friends enjoying with smartphone with sun coming out after the rain - Car trip with young girlfriends having fun together - Vintage filter with soft focus due to backlight and sunshine halo
 

How to stop group chats, junk mail and boost your device security

Cleaning up your tech life for the new year is a no-brainer. Here are 5 tips to boost security, stop group chats, junk mail and more.
Chinese exchange student, Kai Zhuang, was found in a tent in a snowy canyon in Utah in what authorities believe to be part of a cyber kidnapping.
 

Utah exchange student fell victim to cyber kidnapping. But what is it?

Riverdale Police believe a 17-year-old Chinese exchange student, Kai Zhuang, was the victim of cyber kidnapping. Here's what that means.
An Air Canada Boeing 737 MAX 8 jet is taxied on the tarmac at Toronto Pearson International Airport on March 13, 2019 in Toronto, Canada.
 

Air Canada passenger injured after opening door, falling onto tarmac

The flight from Toronto to Dubai was delayed for six hours following the incident. The man had minor injuries from his fall.
Recording phone call.
 

Does recording customer service phone calls work?

If you want better customer service, recording a call sometimes works, and sometimes it doesn't. But there's an even better way to solve this problem.
20. Cooking eggs over low heat If you don't want to overcook eggs or make them too dry, cook them over low heat. Your scrambled eggs will be soft, fluffy, and buttery. If you're making sunny-side-up eggs over high heat, the egg whites will cook long before the yolk. And take the eggs out of the pan before they are completely done. If they are finished in the pan, they will be overcooked on the plate. ALSO READ: The Biggest Mistakes People Make Cooking Steak at Home
 

Could the 'egg ick' be affecting your health? Best ways to make eggs.

Egg yolks aren't as bad for your health as you've been told. Here's why, plus other healthy ways to make eggs based on your dietary needs.
An Alaska Airlines Boeing 737 Max 9 aircraft awaits inspection outside the airline's hangar at Seattle-Tacoma International Airport on Jan. 10, 2024. On a Jan. 5 Alaska Airlines flight, a panel used to plug an area reserved for an exit door blew open midair, forcing it to return to Portland, Oregon.
 

Shaken Boeing CEO pledges 100% transparency in 737 Max 9 investigation

In a town hall with employees, Boeing's CEO took responsibility for the Alaska Airlines incident and pledged to work with federal investigators.

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