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Tag: personal-finance

  • HSA Eligible Expenses: Are vitamins something you can buy with your health savings account?

    HSA Eligible Expenses: Are vitamins something you can buy with your health savings account?

    Health savings accounts (HSA) are a valuable tool for individuals to save and pay for qualified medical expenses. However, it’s essential to understand which expenses are considered eligible under HSA guidelines.

    One common question that arises is whether vitamins can be purchased using HSA funds. It’s important to understand the criteria for HSA eligible expenses and specifically address the question of purchasing vitamins with your health savings account.

    Can you buy protein with HSA?

    When it comes to HSA eligible expenses, the general rule is that medical expenses must be primarily for the prevention or alleviation of a physical or mental defect or illness. While vitamins and dietary supplements can contribute to overall health and well-being, they are often not considered eligible expenses unless prescribed by a healthcare professional to treat a specific medical condition.

    In general, over-the-counter vitamins and dietary supplements are not eligible for reimbursement through an HSA unless they meet specific criteria.

    For a vitamin or supplement to be considered eligible, it must be prescribed by a healthcare provider to treat a diagnosed medical condition. This means that simply purchasing vitamins for general health maintenance purposes would not qualify for HSA reimbursement.

    However, it’s important to note that some vitamins and dietary supplements may be eligible if they are prescribed to treat a specific medical condition, such as a deficiency or related health issue. It’s always advisable to consult with a healthcare professional to determine if a particular vitamin or supplement qualifies as an eligible expense under your HSA.

    When it comes to purchasing protein supplements, similar guidelines apply. Generally, protein powder or protein bars for general health and fitness purposes would not be eligible for HSA reimbursement. However, if a healthcare professional prescribes protein supplements to address a medical condition, such as muscle wasting or malnutrition, then they may be considered eligible expenses.

    It’s important to familiarize yourself with the HSA guidelines and consult with a healthcare provider to determine the eligibility of specific vitamins or dietary supplements. Being aware of what is eligible can help you make informed decisions about utilizing your HSA funds for qualified medical expenses.



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  • FAFSA Application: What is deadline to sumbmit corrections, changes or amendments?

    FAFSA Application: What is deadline to sumbmit corrections, changes or amendments?

    As you already know, the Free Application for Federal Student Aid (FAFSA) is used by students in order to get support from the government in many shapes and forms. FAFSA Applications allow students to be considered for Federal Student aid from the Government. This information is also used by states and colleges in order to award their own grants, scholarships and loans. But aid is limited, so every person who applies needs to meet the deadlines. But that rush to complete does deadlines can sometimes make students forget a few details about their application. Luckily, there is a process that will help students modify their application if needed.

    What is the deadline to submit corrections, changes or amendments?

    There is the always classic mistake on your FAFSA Application where you simply made some mistake and need to change it. You will need to go through a procedure that consists of either submitting a new FAFSA form and let the system modify the date your form was submitted and processed. If that doesn’t work or you need to make multiple changes to your form because your situation has changed, you will need to contact the Federal Student Aid Information Center in order to request your paper SAR. Once you get that through the mail, you can make your changes, sign it, and send it back to the address that is listed on your SAR.

    As far as deadlines for any modification, each state has their own deadlines. You will need to check directly with your local offices in order to find the exact deadline dates. But the option of going online to change your FAFSA form is the most recommended because it’s faaster. You need to click on the ‘Log In’ button and enter your FSA ID at fafsa.gov. On the ‘My FAFSA’ page, you need to click on ‘Make Corrections’. Create a save key, change your information and then submit your new information. That’s how you do it but the deadlines depend on the state where you went to school.

    How long does it take for FAFSA to update corrections?



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  • SNAP Recertification: What happens if you don't do it on time before losing your benefits?

    SNAP Recertification: What happens if you don't do it on time before losing your benefits?

    When it comes to SNAP (Supplemental Nutrition Assistance Program), you’ll need to recertify or reapply for benefits once your certification period ends. The certification period for SNAP is either 12 or 36 months. However, it’s important to note that changes in your circumstances may require you to report them to the Department of Transitional Assistance (DTA).

    Within 45 days before your certification period expires, the DTA will send you a Recertification form to fill out. Currently, most SNAP households receive a “COVID-19 Recertification form.” The good news is that if you receive this form, you won’t need to have an interview with a DTA worker.

    When completing the Recertification form, you need to provide information about certain aspects, including changes to your address or phone number, household composition (if someone joined or left), changes in noncitizen status, student status, and income for all household members. Additionally, you have the option to inform DTA about dependent care costs, housing and utility expenses, medical costs, and child support payments you make.

    To submit your signed Recertification form to DTA, you have four options:

    1. Complete the Recertification online on DTAConnect.com, which is the quickest method.

    2. Call DTA at 877-382-2363 to complete the process over the phone.

    3. Send it to DTA via fax or mail.

    4. Bring it to a local DTA office in person.

    In most cases, households will be interviewed by phone, similar to the application interview process. However, if you’re an elder (60+) or disabled household with no earned income and you submitted your Recertification and required verifications on time, there won’t be a recertification interview. However, DTA may still schedule an interview if requested, if the information provided is questionable, or if your SNAP case is on the verge of closure.

    How often do you have to recertify for SNAP?

    To avoid any interruptions in your SNAP benefits, it’s crucial to return the recertification paperwork on time. DTA should provide sufficient time to complete and submit the forms without interruption, as long as you’re still eligible. However, if you fail to return the form or send it after the DTA deadline, your benefits may be interrupted or stopped.

    If you’ve sent in your recertification and necessary proofs on time but experience delays in receiving your SNAP benefits, you can check your case status on DTA Connect or contact the DTA Assistance Line to speak with a worker for assistance.

    If your SNAP case has been closed at the time of recertification and less than 30 days have passed, you can simply send your Recertification to DTA instead of starting a new application. However, if more than 30 days have elapsed since your case closed, you’ll need to file a new SNAP application.



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  • Stimulus Checks: What states are sending tax rebates during the summer?

    Stimulus Checks: What states are sending tax rebates during the summer?

    Since the onset of the pandemic in 2020, Americans have experienced various forms of government-issued stimulus, including rebates, loans, tax refunds, and one-off checks. While federal stimulus payments ended in 2021, several states have continued to provide their own stimulus programs. As of Summer 2023, a few states are still distributing payments to eligible residents who filed for them within the specified deadlines. Let’s take a closer look at the states that are sendingtax rebates during the summer.

    Idaho

    In Idaho, two stimulus programs were introduced in 2022. The first program offered a tax rebate of $75 per family member or 12% of the household’s tax liability based on the 2020 tax return. The second payment, known as the “Special Session Rebate,” amounted to $600 for joint filers ($300 for others) or 10% of the household’s tax liability. While most payments have already been made, there are still some lingering payments being processed for residents who filed their tax returns later.

    Illinois

    Illinois also implemented two types of stimulus payments in 2022 that are extending into Summer 2023. The individual income tax rebate and property tax rebates could reach a combined total of $700. However, due to the large number of payments to be delivered-over six million-the state expects the distribution process to take several months. Eligibility for the income tax rebate was based on 2021 AGIs below $200,000 (or $400,000 for joint filers), while the property tax rebate required payment of Illinois state property taxes on the 2021 return and an AGI below $250,000 (or $500,000 for joint filers).

    Maine

    The qualifying period for the Maine Winter Energy Relief Payment has ended, requiring residents to have filed their 2021 state tax returns no later than October 31, 2022. Eligible non-dependents with AGIs below certain thresholds could receive a $450 payment, or $900 for eligible married couples. Most payments began in mid-January 2023 and have been distributed. However, eligible residents who have not yet received their payment can contact the state tax assessor before June 30 to demonstrate their eligibility. Final payments for those who prove their eligibility will continue until September 30, 2023.

    Massachusetts

    The Massachusetts stimulus tax refund period has largely concluded. Eligible residents were entitled to a refund of 14.0312% of their 2021 state income tax liability. Payments began on November 1, 2022, and have been mostly distributed. Those who have yet to file their tax returns can do so until September 15, 2023. Once filed, they can expect to receive their refund in approximately one month.

    Montana

    Montana stands out as the only state with new tax rebates scheduled for the second half of 2023. Residents may qualify for an income tax rebate, a property tax rebate, or both. The income tax rebate is determined as the lesser of the income tax on the state tax form or $2,500 for joint filers ($1,250 for others). The property tax rebate amounts to $500 for 2023 (and 2024) or the actual amount of property tax paid, whichever is less. Income tax rebates will be disbursed from July until the end of 2023. To claim the property tax rebate, residents must file online or via mail between August 15, 2023, and October 1, 2023.

    New Mexico

    In New Mexico, two varieties of fresh rebates are being offered in 2023. The first is for individuals who file tax returns, while the second is for residents who aren’t required to file. The amounts for these rebates are $1,000 for joint filers and $500 for single filers or those married and filing separately. The anticipated payment dates for these two rebates are mid-June 2023 and July 2023, respectively.



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  • Texas Homeowner Assistance: Do you have you pay it back?

    Texas Homeowner Assistance: Do you have you pay it back?

    The Texas Homeowner Assistance Program (TXHAP) is a government initiative designed to provide financial assistance and support to homeowners affected by natural disasters in the state of Texas. The program is administered by the Texas General Land Office (GLO) and aims to assist homeowners in repairing, rehabilitating, or reconstructing their homes.

    It primarily focuses on assisting homeowners affected by major disasters such as hurricanes, floods, or other catastrophic events. The program provides various forms of assistance, including grants, low-interest loans, and other financial aid to eligible homeowners.

    Under the program, homeowners can receive funds for necessary repairs and improvements to restore their homes to a safe and habitable condition. This may include structural repairs, electrical and plumbing upgrades, roof repairs, and other essential repairs to ensure the safety and functionality of the property.

    Additionally, the Texas HAP may provide assistance for homeowners who need to relocate temporarily or permanently due to the damages incurred. This can involve financial aid for rental assistance or assistance with purchasing a new home.

    To qualify for the Texas Homeowner Assistance Program, homeowners must meet specific eligibility criteria set by the GLO. These criteria typically include proof of homeownership, evidence of damages caused by a qualifying disaster, and meeting income guidelines.??

    Key role

    The Texas HAP plays a crucial role in helping affected homeowners recover from natural disasters and rebuild their homes and lives. By providing financial assistance, the program aims to alleviate some of the burdens associated with disaster recovery and support the long-term resilience of affected communities.

    Grants provided by TXHAF do not require homeowners to repay them and are issued directly to the mortgage servicer or the relevant recipient responsible for property charges.

    “TXHAF funds can help qualified homeowners catch up on late payments on their mortgage, property tax, property insurance, homeowner/condo association fees, and utilities,” reads the official TXHAP website.

    “Some applicants may also be eligible for up to three (3) months of future mortgage payment assistance.

    “The TXHAF program currently does not cover expenses such as home repairs and does not cover home equity loans.”



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  • SNAP Benefits Application: What to do if you changed your State of residence?

    SNAP Benefits Application: What to do if you changed your State of residence?

    If you’re planning to move to a different state, it’s important to take necessary steps to ensure that you don’t lose out on your benefits.

    Fortunately, many federal benefits can be transferred to your new state, meaning you won’t have to reapply to continue receiving them. However, certain programs are managed by state governments and cannot be transferred from one state to another.

    What to do if you changed your State of residence?

    State-administered benefits cannot be directly transferred to your new state. However, with careful planning, you can apply for these benefits in your new state without experiencing a gap in coverage.

    In order to continue receiving Supplemental Nutrition Assistance Program (SNAP) benefits in your new state, you must first cancel your benefits in the state you’re moving out of.

    Your new state will not provide SNAP benefits unless your previous case is closed. To close your case, you need to contact your local SNAP office and follow the instructions provided to properly end your benefits. It’s advisable to complete this step approximately one to two weeks before your move.

    During this time, it’s important to manage your benefits wisely, ensuring that you budget effectively to cover your food expenses throughout the moving process. Any remaining benefits will still be available to you, even if you open a new case in another state.

    Once you have relocated to your new state, you will need to reapply for SNAP benefits using the application forms and procedures specific to that state.

    The application process and eligibility criteria may vary from state to state. To obtain detailed information about SNAP eligibility and the application process in your new state, you can visit the Food and Nutrition category on Benefits.gov.

    Additionally, you can find and contact your local SNAP office in the new state to address any inquiries you may have.



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