It was a dramatic week for the markets, and Biden uses executive orders to expand the Affordable Care Act. Plus, how your stimulus check will factor into your taxes. Here's how the headlines could affect your money.
Stocks rallied Thursday after Wednesday's sharp decline. The Dow and S&P 500 each gained nearly 1%, while the Nasdaq climbed 0.5%. Gains came after various trading platforms limited investors' ability to trade surging stocks like GameStop and AMC. Friday morning, the SEC said it is reviewing recent trading and vowed to protect retail investors.
All three major indexes were declining as of Friday morning.
President Biden signed executive orders Thursday to strengthen the Affordable Care Act. One order will reopen online enrollment from February 15 to May 15 on HealthCare.gov. Another rescinded the Mexico City Policy, which barred international nonprofit groups from receiving U.S. funding if they provided abortion counseling or referrals.
Video by David Fang
As tax season approaches, it's good to remember that income from the 2020 stimulus checks isn't taxable. Receiving a check won't affect your income level or eligibility for federal government assistance programs, either.
If you haven't received your check, you may want to file a Recovery Rebate Credit when you do your taxes. Filing this ensures that your stimulus check will be in your tax return, either added to your refund, or subtracted from the amount you owe.
Some of the people eligible to receive stimulus money didn't get it. The Recovery Rebate Credit enables qualifying taxpayers to claim those missing funds on their tax return and get a credit against their 2020 income taxes.
Although the daily news can have an impact on your wallet, remember to take a long-term outlook when it comes to decisions on spending, saving, and investing.
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