What a jam packed podcast! We took so many calls and emails with our guests: Jackie Turner, Executive Director and Timothy Rush, Director of Unemployment Insurance from MDES. Have a listen - maybe we answered your questions.The big takeaway from the show - have patience. This is happening fast. The 900 phone lines are jammed. Try again, try another phone line, try to email. Have patience.Visit the MDES website at www.mdes.ms.gov or call the MDES Contact Center at 1-888-844-3577.The contact center hours are 7:00 a.m. to 7:00 p.m., seven days a week.If you are experiencing difficulty filing your Unemployment Insurance claim, you can contact your local WIN Job Center by phone or email for assistance. WIN Job Center lobbies are currently closed to prevent the spread of COVID-19. https://mdes.ms.gov/win-job-centers/ Calls dealt with:email about weekly job search filinghow to contacthelp for self employedout of state employmentreduced wagespartial wage lossgig workers1099 religious workersSocial Security recipient - stimulus checkwhen do checks startwho's eligibleIndividuals receiving unemployment benefits will not be required to serve a waiting period week for initial claims filed from now through June 27, 2020.Work search requirements that normally must be met to be considered eligible for Unemployment Insurance benefits will be suspended beginning March 21, 2020, until June 27, 2020. So to remain eligible for benefits, you don’t have to report job searching.Who is eligible to file a claim due to COVID-19?Those who are quarantined by a medical professional or a government agency,Those who are laid off or sent home without pay for an extended period by their employers due to COVID-19 concerns,Those who are diagnosed with COVID-19,Or, those who are caring for an immediate family member who is diagnosed with COVID-19.https://mdes.ms.gov/news/2020/03/20/mississippi-announces-support-for-workers-impacted-by-covid-19/https://mdes.ms.gov/unemployment-claims/covid19/CARE Act relief check: If you don’t have direct deposit on file with the IRS, there will be an online portal where you can add your information. The IRS hasn’t set that up yet, but once it does, you’ll be able to access it. https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-knowYou don’t have to do anything to get your payment as long as you have filed a tax return for 2018 or 2019. If you receive Social Security or railroad retirement benefits and don’t typically file a tax return, you don’t have to do anything. The IRS will use your benefit payment information to generate your relief payment. For information regarding your data privacy, visit Acast.com/privacy

Money Talks

Money Talks: Unemployment

Listeners want to know how the CARES Act will affect their personal finances. Host Dr. Nancy Lottridge-Anderson, remotely, answered questions for the hour.The Mississippi Department of Employment Security announced recently that Mississippi workers who are not able to work due to COVID-19 will be eligible to file for unemployment benefits.                  This applies to:Anyone who is quarantined by a medical professional or a government agency.Those who are laid off or sent home without pay for an extended period by their employers due to COVID-19 concerns.Those who are diagnosed with COVID-19.Those who are caring for an immediate family member who is diagnosed with COVID-19.The governor on Sunday released a “Memorandum of Understanding” after Congress passed their legislation. He reminded us:Emergency increase in unemployment compensation benefits. The weekly benefit amount goes up by $600. This includes workers that are self-employed – or freelancers or gig workers.Funds the first extra week of unemployment insurance that is made available at the state level.Provides additional weeks of unemployment benefits for anyone who remains unemployed after typical state unemployment benefits are no longer available.With everyone being encouraged to stay at home, folks can file for unemployment by:Visiting the MDES website at www.mdes.ms.gov or call the MDES Contact Center at 1-888-844-3577.The contact center hours are 7:00 a.m. to 7:00 p.m., seven days a week.https://www.clarionledger.com/story/news/2020/03/29/coronavirus-mississippi-tate-reeves-shelter-in-place-covid-19-testing-symptoms-health-department/2936075001/https://mdes.ms.gov/news/2020/03/20/mississippi-announces-support-for-workers-impacted-by-covid-19/President Trump on Friday signed the $2 trillion federal stimulus package called the CARE Act. Here are some of the highlights.Most adults will get $1,200, although some would get less. For every qualifying child age 16 or under, the payment will be an additional $500.The amount of your check depends on your income. Single adults with Social Security numbers who have an adjusted gross income of $75,000 or less will get the full amount. Married couples with no children earning $150,000 or less will receive a total of $2,400. And taxpayers filing as head of household will get the full payment if they earned $112,500 or less.Above those income figures, the payment decreases until it stops altogether for single people earning $99,000 or married people who have no children and earn $198,000.The government determines income by looking at the 2019 tax return. If you haven’t prepared a tax return yet, you can use your 2018 return.You don't have to sign up for this check. If the Internal Revenue Service already has your bank account information, it will transfer the money to you via direct deposit based on the recent income-tax figures it already has.Most people who are receiving Social Security retirement and disability payments each month also get a stimulus payment.Student loansThe federal government has waived two months of payments and interest for many federal student loan borrowers. Until Sept. 30, there will be automatic payment suspensions for any student loan held by the federal government.If you’ve borrowed money from the federal government — a so-called direct loan — in the past 10 years, you’re definitely eligible.Retirement account rules:For the calendar year 2020, no one will have to take a required minimum distribution from any individual retirement accounts or workplace retirement savings plans, like a 401(k). That way, you aren’t forced to sell investments that may have fallen in value, which would lock in losses. If you don’t need the money now, you can let the investments sit and hope that they recover.If you aren’t retired and are still making contributions but need that money to live on you can withdraw up to $100,000 this year without the usual 10 percent penalty, as long as it’s because of the outbreak.You will also be able to spread out any income taxes that you owe from money withdrawn from an IRA over three years from the date you took the distribution. And if you want, you could put the money back into the account before those three years are up, even though the rules may normally keep you from making a contribution that large.The bill makes a new deduction available for up to $300 in annual charitable contributions. It’s available only to people who don’t itemize their deductions, and you calculate this new one by subtracting the amount you give from your gross income.The Mississippi Public Service Commission voted to temporarily suspended disconnections of certain utility services due to coronavirus concerns. The restriction will be in place for 60 days and apply to all water, sewer, electricity, and gas services. The bill puts a temporary, nationwide eviction moratorium in place for any renters whose landlords have mortgages backed or owned by Fannie Mae, Freddie Mac and other federal entities. This will last for 120 days after the bill passes, and landlords also can’t charge any fees or penalties for nonpayment of rent.https://www.msema.org/news/public-service-commission-to-prohibiting-utility-shutoffs/ https://www.npr.org/2020/03/26/821457551/whats-inside-the-senate-s-2-trillion-coronavirus-aid-packagehttps://www.nytimes.com/article/coronavirus-stimulus-package-questions-answers.htmlSmall business load information https://covid19relief.sba.gov/#/ and https://www.peoplelease.com/hubfs/023595_comm_corona_virus_smallbiz_loan_final_revised.pdfThe potentially forgivable SBA 7(a) Relief Loan is not yet available. SBA will have to issue regulations for them in the next couple of weeks before banks can begin taking applications. The SBA 7(b) Economic Injury Disaster Loans (what I call the O.G. of SBA loans during times of federally declared disasters) are available, but they will not be forgivable. However, they do have very favorable terms.Basically, if small business owners can hold on for a couple of weeks and wait until the 7(a) loans are made available, they could reap the benefit of potentially free money by complying with the spending terms (payroll, mortgage, utilities, etc.) and having their loans forgiven over time.Here's a breakdown HORNE has put together explaining the differences between the two options: https://connect.hornellp.com/en/resources/tax/2-loan-options-can-help-businesses-weather-covid-19-shutdownHORNE will be rolling out more guidance as they know more here: https://connect.hornellp.com/en/covid19Phone call questions:checksgetting a check if you owe taxesgetting a check if you draw social securitysocial securitysmall business loanswithdrawing from IRAscheckscredit scoreunemploymentsocial securityemail about taxesadult daughter's checkcheckchecksmall business infodisability For information regarding your data privacy, visit Acast.com/privacy

Money Talks: Check in the mail?

Nancy Lottridge-Anderson answered questions remotely for our show.IRS extened filing and payment deadline to July 15, 2020 for 2019 person income taxes https://www.irs.gov/newsroom/payment-deadline-extended-to-july-15-2020Mississippi Department of Revenue extended the deadline to pay and file state taxes to May 15, 2020 for individual and corporate income tax https://twitter.com/MSDeptofRevenue/status/1242177964101468160/photo/1All Mississippi businesses and non-profits that are severely impacted by the Coronavirus (COVID-19) pandemic are eligible to apply for low-interest federal disaster loans. https://disasterloan.sba.gov/ela/Social Security Administration isn't seeing individuals in the office for now. You can call the National 800 Number. Toll-Free: 1-800-772-1213, call your local office, or go online for answers https://www.ssa.gov/coronavirus/The Mississippi Public Service Commission is prohibiting utility shutoffs during this state of emergency. https://www.msema.org/news/public-service-commission-to-prohibiting-utility-shutoffs/Congress is currently negotiating a stimulus package.Last week, Money Talks discussed picking up groceries. Since then Kroger has waved the pick up fee https://www.kroger.com/i/ways-to-shop/pickupCalls and email dealt withchurch contributionsIRA required minimum distributionswho will get a stimulus checkinvesting in oil companies For information regarding your data privacy, visit Acast.com/privacy

Money Talks: COVID-19 update

We continue to experience the financial effects of COVID-19. Ryder Taff talks more about the stock market and our economy.Call topics:percentage of budget going to foodlosing a job due to the virusmunicipal / treasury / corporate bondsWebsites we discussed:Congressional leaders, administration push swift action on third coronavirus relief bill with major economic stimulus. https://www.washingtonpost.com/business/2020/03/16/congress-fiscal-coronavirus/https://www.usatoday.com/story/money/personalfinance/2019/02/28/average-grocery-store-bill-cost-is-driven-up-most-by-these-items/39094659/https://grocery.walmart.com/https://www.kroger.com/i/ways-to-shophttps://www.cnbc.com/2019/08/27/best-low-cost-online-grocery-delivery-service-reviews.htmlhttps://www.moneycrashers.com/online-grocery-home-delivery-service/https://clark.com/shopping-retail/foods-to-buy-in-bulk-to-save-money/ For information regarding your data privacy, visit Acast.com/privacy

Money Talks: Food Delivery

MPB's Money Talks discusses the stock markets' reactions to the 2020 Corona virus ramification.Market circuit breakersOil and gas futuresAirline change feesFees for financial advisersMortgage ratesRyder Taff mentioned the Wall Street Journal article about circuit breakers.https://www.wsj.com/articles/traders-closely-watching-circuit-breakers-thresholds-11583761223Here's another article about circuit breakers:https://finance.yahoo.com/news/7-plunge-p-triggered-trading-062630195.html For information regarding your data privacy, visit Acast.com/privacy

Money Talks: Open Topic March

What's going on with the 2020 stock market?! Our Chartered Financial Analyst takes questions and talks about uncertainties and personal finance. Ryder Taff from New Perspectives Check the background of this investment professional on FINRA's BrokerCheck.Joshua Ryder Taff CRD# 6009566Calls concerning:Aggressive investing during retirementPaying off a mortgageInvesting in the stock marketWhich explanation for the term"bear" market do you like best?Bearskin sellerBear claw attackBare bulletin board

Money Talks: Pandemic Stock Market

Nancy and Ryder often give advice on what to do with your money. Today they’re going to remind you what you might NOT want to do with your savings, investments, or retirement funds. They also take other personal finance questions. Precious metalsCryptocurrencyRecent stock market dropYoung adult's debtNo credit scoreGinny MacFree IRS filinghttps://www.irs.gov/https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-freeIncome $69,000 and Below     Free File Online ProductsFile your taxes with free, easy to use softwareFree state return options are availableUse the Free File Online Lookup Tool to find free federal and free state return options

Money Talks: Investing Don'ts

It's National Second Hand Wardrobe Week February 9th - 15th!Guests from various types of stores -Thrift: Michelle Hatfield, Community Relations Director for The Salvation Army - Jackson https://salvationarmyalm.org/jackson/family-store-salvation-army/Consignment: Parker Wilkinson, Store Manager for Repeat Street, Jackson https://www.repeatstreet.net/Pawn: Monique Worthy, Store Manager for Plato's Closet, Ridgeland https://www.platoscloset.com/location/ridgeland-ms/Our hosts also talked about the exchange of clothes through Classified Ads such as Facebook Marketplace or eBay.

Money Talks: Secondhand Wardrobe

Did you know your credit score will change this summer because of new metrics? Money Talks experts will explain what a FICO credit score is, how to obtain and understand your credit report, and take your personal finance questions.·      To order, visit annualcreditreport.com, call 1-877-322-8228. Or complete the Annual Credit Report Request Form and mail it to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.·      UPDATE: Starting in 2020, everyone in the U.S. can get 6 free credit reports per year through 2026 by visiting the Equifax website or by calling 1-866-349-5191. That’s in addition to the one free Equifax report (plus your Experian and TransUnion reports) you can get at AnnualCreditReport.com.Facts discussed in the show can be found:https://www.consumer.ftc.gov/articles/0155-free-credit-reportshttps://www.finra.org/investors/personal-finance/how-your-credit-score-impacts-your-financial-futureCalls and emails:taxescredit scorebalance transferscredit repairstudent loans

Money Talks: Credit Reports and New FICO Score

We covered a lot of material on this broadcast!Where does $100,000 in retirement savings last the longest? Mississippi https://money.yahoo.com/retirement-savings-states-165907606.htmlPowerball and Mega Millions lottery tickets go on sale Thursday, February 20th 2020 in Mississippi.https://www.mslotteryhome.com/We did an episode about the lottery in Mississippi (link to come)and an episode about winning the lottery (link to come)Our recent show about getting your taxes done early (link to come)What TO BUY in February:tvs and electronicfurniture and applianceswinter apparel and geartax softwarejewelrychocolate and other valentine's merchandise including flowersWhat NOT TO BUY in February:spring clothestraditional valentine giftsgym membershipstravel - exception cruisesluggage

Money Talks: February Open Topic

Our experts from New Perspectives discusses with host, Kevin Farrell, the SECURE Act.Increased the required minimum distribution ageIncreased the maximum contribution age No more stretch IRAsAnnuities in 401(k) plansBirth or adoption of a childStudent loan debtMultiple employer plans for small businessesEncouraging auto-enrollment in retirement plans by employershttps://waysandmeans.house.gov/sites/democrats.waysandmeans.house.gov/files/documents/SECURE%20Act%20section%20by%20section.pdf 

Money Talks: SECURE Act

January is Financial Wellness Month, Get Organized Month, and Tax Identity Theft Week - January 27 - February 2, 2020Internal Revenue Service announced last week that the official opening day of the 2020 tax season for individuals will be Jan. 27Reasons to file tax returns as soon as possible:Avoid tax identity theft: Tax Identity Theft Week - January 27 - February 2, 2020. This fraud is particularly worrisome because the legitimate taxpayer may have no way of knowing that fraud has been committed. The scam only works for returns that haven't been filed by legitimate consumers, so fraudsters are highly motivated to file as early as possible.Ways to prevent Tax Identity Theft:File earlyReview your credit reports for suspicious activityProtect your personal information – don’t provide a Social Security number at businesses; ask if another form of ID is acceptableCheck your Social Security earnings statement to see if anyone is using your numberInstall antivirus software on your computersChange your passwords on online accounts regularlyMore reasons to file early:Get your refund faster: If you e-file and direct deposit – you could receive your refund in 1 to 3 weeks.Paper file, direct deposit – 3 weeksE-file, paper check – one monthPaper file, paper check – 2 monthsIf you claimed either the earned income tax credit or the Additional Child Tax Credit, law requires the IRS to hold these returns’ refunds until February 15.Extra time to pay your taxes: You have until April 15 to pay your tax bill. If you know you owe you’ll have more time to save up.Get filing responsibility out of the way. According to a recent TaxSlayer survey, a majority of taxpayers (52%) are stressed over filing their taxes. Any time you face an unpleasant task, it’s best to get it out of the way as soon as possible. Early filers face less competition for access to their tax professional. Some tax pros will charge more to complete your taxes as the filing deadline approaches. How you can get your taxes filed electronically for free?the IRS announced it has signed a new agreement with companies that electronically prepare free returns for eligible taxpayersThis year, taxpayers with adjusted gross incomes of $69,000 or less can use free commercial software by going to IRS.gov/freefile. Free File opened Jan. 10, although taxpayers won’t actually be able to file their returns until the start of the tax season – January 27th.Before settling on one company, check to see if you can also file your state return. Some companies will prepare your state return and e-file it free through partnerships with participating state programs. Mississippi Department of Revenue’s webpage with the free or low coast electronic filing partners: https://www.dor.ms.gov/Individual/Pages/e-file-Program.aspxNational Consumer League - Tax ID Theft Information https://www.fraud.org/tax_id_theft

Money Talks: Tax Prep Early

Is your IRA   made up of CDs, LLCs,        or invested in the NASDAQ? Do you pay PMI            on your FHA loan? What do all these acronyms mean? Our CFAs         talk about some of these questions and take your personal finance calls.Calls: What affect do recent events have on oil company stock prices?How much of one company's stock to hold in your portfolio?When to take retirement account required minimum distributions (RMD) in light of the SECURE Act ( Setting Every Community Up for Retirement Enhancement)Listener wants to decide when to retire and how to change their investment strategyWhat's an Index Fund?

Money Talks: Financial Acronyms

Guest, Ray Higgins - Director of PERS This podcast has information about PERS for retirees, those close to retirement, and those employees still working with retirement in the future. You could read the Public Employee Retirement System of Mississippi handbook, or listen to MPB’s Money Talks broadcast and podcast with the director of PERS, Ray Higgins. You’ll get a good understanding of how PERS benefits state workers and retirees. Contact PERS at their statewide number: 1-800-444-7377 or email them at their email address: customerservice@pers.ms.govWebsite: pers.ms.govDepartment of Finance and Administration for Mississippi: Health Insurance for Retirees http://knowyourbenefits.dfa.ms.gov/

Money Talks: PERS

How do our financial indices compare to last year or 10 years ago? What do these financial terms mean?inflationcollege loansstocks bonds

Money Talks: End of 2019

Money Talks focuses on personal finance as it applies to Mississippians. In any given week, we’ll talk about anything from preparing your taxes to saving for college or investing in the stock market. Our experts are Dr. Nancy Lottridge-Anderson, President of New Perspectives and Ryder Taff, portfolio manager at New Perspectives. Nancy and Ryder are both Chartered Financial Analysts and Ryder also holds the Certificate in Investment Performance Measurement from the CFA Institute. They join Kevin Farrell in the studio to answer your personal finance questions about family budgeting, retirement savings, Social Security, investments, debt management and more. Email the show at anytime at money@mpbonline.org. Money Talks airs Tuesday mornings at 9 Central Time on MPB Think Radio and over the internet at mpbonline.org

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Money Talks

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