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Markets unsettled after volatile week, and Biden strengthens Obamacare: How the headlines can affect your money

Plus, how your stimulus check will factor into your taxes.

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President Joe Biden signs executive orders on health care, in the Oval Office of the White House in Washington, DC, on January 28, 2021.
Mandel Ngan | AFP | Getty Images

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.

Markets unsettled as GameStop saga continues

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. 

Biden signs new health-care executive orders 

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 Another rescinded the Mexico City Policy, which barred international nonprofit groups from receiving U.S. funding if they provided abortion counseling or referrals. 

VIDEO4:0304:03
What is a health savings account (HSA)?

Video by David Fang

How stimulus checks affect your taxes

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.

Words you've heard: Recovery Rebate Credit

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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