Class 6 Region A tourney postponed

Because of more hazardous weather and power outages, especially in the Richmond area, the Class 6 Region A wrestling tournament was postponed again — this time from Sunday until 12:30 p.m. Monday.

The tournament is in Cosby High’s gym in Chesterfield County. Kellam is considered the favorite.

The top two finishers in each weight class will advance to the VHSL’s state Class 6 tournament, which already had been moved back to Friday at Virginia Beach Sports Center.

Love birds, make time to talk about student loans, joint checking accounts and credit ratings before wedding bells ring.

That’s one way of ensuring that money issues won’t become marital sticking points, or worse, lead to a breakup.

Money disagreements are a big reason why many couples split. According to a TD Ameritrade survey, 41% of divorced Gen Xers said they ended their marriage because of disagreements about money.

A separate survey by The Cashlorette, an affiliate of Bankrate.com., found that nearly half of all Americans who are married or living with a partner said they argue over money, with most of the fights about spending habits, dishonesty about money and how to divide paying the bills.

If one of your children is in a serious relationship — even if they appear to be a perfect match — the couple shouldn’t put financial compatibility on the back burner until after walking down the aisle.

Your child should consider premarital counseling, which typically involves conversations about money. Or meet with a financial planner to go over spending, budgeting, workplace benefits and taxes. At the very least, designate date night money talks. And if they aren’t already doing these things, you as the parent wouldn’t be wrong to gently but emphatically suggest them — more on that later.

Before tackling student loan repayments and the merging of bank and investment accounts, have a heart-to-heart about goals and planning for the future, said Casey Snyder, a financial planner and senior vice president at the Sedoric Group of Steward Partners in Portsmouth, New Hampshire.

“By planning together, there seems to be more of a natural flow of money-related discussions that leads to the merging of financial affairs,” Snyder said. “But because it’s often goal-based, both parties feel like they are still in control and were heard in the process.”

Which leads to a follow-up point: “The best money conversations begin in calm environments with a spirit of curiosity,” said David Wells, the founder of Family Capital Strategy in Nashville, Tennessee.

The best conversations are also two-way streets, Wells said. “Each person in the relationship needs to be ‘doing their work’ on their relationship with money. If one is willing to press in and open up, and the other is not, there is a limit to how successful the dialogue can be.”

Building strong financial footings also includes a discussion about some of the nuts and bolts issues, including checkbook management. Should the couple continue to keep their own checking account? Should a separate account be opened to cover household expenses?

Generally speaking, Snyder said, what’s more important is having a system “that works best for each couple as long as it furthers their efforts to plan together and creates financial accountability.”

As for one spouse being on top of bill paying, if one person enjoys that, let them take the lead, Wells said. But don’t keep the other spouse in the dark. Make time to talk regularly about the checkbook and whether you’re making progress on goals.

Wells also said some couples prefer combining all their income into one account to cover bills. Then discuss an “allowance” that each spouse can receive, and set up an automatic money transfer to a separate account.

“Allowance funds can be spent, no questions asked,” Wells said. “That is one way to manage the paradox of ‘I’ versus ‘us’ around spending, and I think can head off a lot of conflict.”

When the heart is involved, should parents get in the middle of money talks involving the future son-in-law or daughter-in-law? Or just bite their tongue and hope for the best?

“The best thing parents can do is to encourage their kids to do premarital counseling, and perhaps even offer to underwrite the cost,” Wells said. “It is a roundabout way to have someone ask” the money questions.

Tax filing season for the year 2020 is upon us. For many people, it will be both a challenge and an opportunity. The challenge may come in electronic filing for those who have used paper returns in the past. But the opportunity lies in getting your unpaid but deserved stimulus refund deposited to your account within weeks. The entire process will be complicated for those who are victims of unemployment identity theft.

Identity theft tax issues

Some taxpayers may receive Form 1099-G from state governments for unemployment benefits they did not receive. Suddenly, they will realize they are victims of identity theft. If this happens to you, you should report it immediately on your state’s unemployment website.

Here’s a message from the IRS: “Taxpayers who receive an incorrect Form 1099-G for unemployment benefits they did not receive should contact the issuing state agency to request a revised Form 1099-G showing they did not receive these benefits. Taxpayers who are unable to obtain a timely, corrected form from states should still file an accurate tax return, reporting only the income they received.”

It may take months before the IRS contacts you about the discrepancy between the state 1099 and your 1040. So keep proof, even a screen shot, of your attempt to report theft.

Why file electronically?

The IRS is still processing paper returns taxpayers filed last year amid the pandemic. Many people have not yet received their 2019 tax refunds! The fact that interest will be paid on those amounts is small consolation.

For 2020, it is clearly wise to file electronically. Filing season starts Feb. 12. If you haven’t yet received the Economic Impact Payments (stimulus) sent to most Americans last year, the IRS has promised that it will direct-deposit those payments in early March if you file immediately, or within three weeks of filing electronically.

To get help with electronic tax filing, use the IRS’ FreeFile alliance program offered in association with most well-known tax preparation companies. It is available if your adjusted gross income is below $72,000. Start the process at IRS.gov/FreeFile, which provides links to all participating tax preparers. Most of the FreeFile partner firms include one free state filing as well.

The IRS also has a link to its Volunteer Income Tax Assistance (VITA) program for the elderly, which offers in-person counseling for those earning $57,000 or less or who are disabled or have problems speaking English. You can search locations on the IRS website, but because of the pandemic, most in-person sites will not be operating this spring.

Last chance to get stimulus payment

You’re not required to file unless your 2020 gross income was at least $12,400 as a single filer or $14,050 if you are single and 65 and older. For those under 65 and married filing jointly, you must file if your income was over $24,800. The filing requirement if both are over 65 is income over $27,400.

But this year, many people under those income limits will file in order to get their refundable Economic Impact Payments: both the $1,200 stimulus from last year and the $600 from this year (or any portion that was not paid out already).

You’ll claim those refundable credits on Line 30 of your 1040. Remember you are eligible for each full stimulus if your 2020 adjustable gross income on the return you are now filing was less than $75,000 on a single return, or $150,000 on a joint return.

To qualify for this refund, make sure you are not eligible to be listed as a dependent on anyone else’s return for 2020, and that you have provided at least half of your own support. Then file your return electronically, input your banking information and get both stimulus payments direct-deposited.

Filing tax returns is always a challenge and a chore. But this year there is a great incentive to file electronically and add your direct-deposit banking information. And there’s plenty of free help available. It’s time to make the change. And that’s The Savage Truth.