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<ul class="summary-list"><li>Rachel, a mother of two, moved back in with her mom after her husband died eight years ago. </li><li>A <keyword id="12403626" type="UNKNOWN" weightage="60" keywordseo="guaranteed-income" source="Orion">guaranteed income</keyword> program started giving her $500 a month in September, and will through next March. </li></ul><p>When Rachel's husband died in a motorcycle accident eight years ago, her life was uprooted. </p><p>After emptying her bank account to pay for the funeral, Rachel — now 42 — and her two young kids moved out of Boston, Massachusetts, where her husband had worked as a paramedic. Her best friend bought her out of the small business they'd co-founded, and Rachel moved in with her mother in Cambridge, in an apartment three blocks away from where she grew up. </p><p>Rachel, whose last name is known to Insider but omitted here for privacy reasons, told Insider that she suffered from depression for a long time after her husband died. When the time came for her to look for a full-time job, however, she realized that she wanted to focus all of her time and energy on being a parent. </p><p>"I wanted to be the mom who brings home pizza on Fridays, goes to PTA meetings, brings supplies to school functions and shows up to every event," she said. She mostly pays the bills with income from remodeling work she does during the summers, various side gigs, and her late husband's life insurance and social security payments. But finances are still not where they used to be when her husband was alive. Rachel's mother is retired. </p><p>A program helping low-income families in Cambridge opened up options for Rachel and her kids. Her mother came home last year with a flier she'd found advertising <a href="https://www.cambridgerise.org/">Cambridge Recurring Income for Success + Empowerment</a>, known as Cambridge RISE, a guaranteed income pilot giving 130 single caretakers $500 a month for 18 months. The payments are no-strings-attached, meaning recipients can do whatever they want with the <keyword id="11918408" type="UNKNOWN" weightage="60" keywordseo="money" source="Orion">money</keyword>. Recipients do, however, need an income below 80% of Cambridge's Area Median Income (AMI), which <a href="https://www.cambridgerise.org/eligibility">ranges</a> between $70,750 for a one person household and $133,400 for one of eight. </p><p>Guaranteed income programs like Cambridge RISE have been growing in popularity in recent years, especially as the pandemic has exacerbated financial problems for low-income households. As of last December, there were 33 active, or recently active, <a href="https://www.businessinsider.com/how-many-ubi-guaranteed-basic-income-programs-us-cities-states-2021-12">guaranteed income programs in the US</a>. Research shows that cash from guaranteed income programs improves long-term financial stability and health for its participants. Insider has reported on recipients who were able to find <a href="https://www.businessinsider.com/guaranteed-income-homeless-teacher-cancer-evicted-ubi-california-bay-area-2022-3">permanent housing</a> through guaranteed income funds, <a href="https://www.businessinsider.com/meet-mississippi-magnolia-guaranteed-basic-income-program-ubi-monthly-2022-1">reduce medical debt</a>, and <a href="https://www.businessinsider.com/how-ubi-helps-woman-went-from-homeless-guaranteed-income-funding-2021-11">help others</a> in their communities. </p><p>"Through my check-ins with residents many shared now having some 'breathing room' month to month, and being able to pay back debt, take their children to outings, and even save a bit," Jackie Dabo, Cambridge RISE's Project Director, told Insider. </p><p>Rachel, for instance, has been receiving regular payments since September. She says that it's allowed her to invest in her children's academic interests, fix her car, and pay for supplies that she says improves her family's quality of life. </p><p>"We know single caretaker families in Cambridge are struggling, are well below the Cambridge <keyword id="11964087" type="UNKNOWN" weightage="60" keywordseo="poverty" source="Orion">poverty</keyword> line, and the impact to single mothers and women of color are even higher," Sumbul Siddiqui, Cambridge's mayor, said upon <a href="https://www.cambridgema.gov/Departments/mayorsoffice/News/2021/09/cambridgerise">launching</a> the program in September. "We need a financial vaccine for Cambridge's most vulnerable residents." </p><h2>More money means more freedom for her kids to explore their passions </h2><p>Rachel splits the rent with her mom, so she has the bulk of her RISE stipends to spend on her kids, she said. </p><p>Using the money to fix her car means she can take them to doctor's appointments and school. It's also meant that she has more breathing room when grocery shopping, and can buy stuff for her kids' rooms: two beds from IKEA, a bookcase for her daughter, and even materials to make her room look like a fantasy version of outer space. </p><p>They bought cardboard boxes, then affixed cotton balls and string lights on them to set the scene. They also play rainstorm sounds through a speaker to make it feel like they're in nature. </p><p>"My son is really interested in coding and computer science," she said. "So we're looking to get him in a boot camp in the area this summer at MIT." She said that during the pandemic, remote learning was difficult for her son, and his grades suffered, but she's hoping that programs such as the boot camp will be intellectually stimulating for him. </p><p>Her daughter, who is eight, wants to be a pediatrician, and so Rachel also uses the funds to buy books that foster an interest in science. And of course with kids there are always miscellaneous costs like soccer equipment for after-school programs. The RISE funds mean there's no hard choice between cleats for her daughter one week and a winter jacket the next. </p><p>"Whatever people do with their money from the program, I hope it's positive," Rachel said. "It might not seem like a lot, but it does so much." </p>

Meet a mom of 2 who got $500 for 18 months through a guaranteed income program after her husband died

<ul class="summary-list"><li>Most <keyword id="672797" type="PERSON" weightage="60" keywordseo="interest-income">interest income</keyword> earned by investments is taxable on both the federal and state levels.</li><li>You pay <keyword id="10696424" type="UNKNOWN" weightage="60" keywordseo="taxes-on-interest-income">taxes on interest income</keyword> at your ordinary income tax rate.</li><li>You can avoid or defer taxes on <keyword id="6397939" type="UNKNOWN" weightage="60" keywordseo="interest">interest</keyword> earned in tax-advantaged accounts and by certain assets.</li></ul><p>Paying income taxes is a fact of life. And when the IRS says income, it means <em>all</em> the money you make - both earned, from your work, and unearned, from your investments. That includes interest income - money generated by bank or brokerage accounts, and from certain assets, like bonds or mutual funds.</p><p>A few exceptions aside, most investment interest is taxable income. You're required to report it on your return and give the government a cut of it.</p><p> So it helps to know a little more about how interest income impacts your tax bill.</p><h2>What is interest income?</h2><p>Most types of interest income are subject to both federal and state taxes. This includes the interest you earn on or from:</p><ul><li>US Savings and <a href="https://www.businessinsider.com/how-to-buy-treasury-bonds" target="_blank" rel="noopener">Treasury bonds</a></li><li><a href="https://www.businessinsider.com/what-is-a-corporate-bond" target="_blank" rel="noopener">Corporate bonds</a></li><li><a href="https://www.businessinsider.com/etf-vs-mutual-fund" target="_blank" rel="noopener">Mutual funds/ETFs</a></li><li>Certificates of Deposit (CDs)</li><li>Checking and savings accounts</li><li><a href="https://www.businessinsider.com/money-market-account-vs-money-market-fund" target="_blank" rel="noopener">Money market accounts</a></li><li>Loans made to others</li><li>Interest income from pass-through businesses, such as <a href="https://www.businessinsider.com/master-limited-partnership-mlp">partnerships </a>or S-corporations</li></ul><h2>Is any interest income tax-free?</h2><p>Only one major type of asset generates non-taxable interest income: municipal bonds ("munis" for short) and private activity bonds. These are issued by states, counties, cities, and other government agencies to fund major capital projects, such as building public hospitals and schools, highways, power plants, and other civic buildings. </p><p>All munis, along with municipal bond funds, are exempt from federal taxes. If the bond is issued by your home state, the interest income it provides is also free from state and local income taxes. </p><p>Fast fact: Municipal bonds free of federal, state, and local taxes are dubbed "triple-tax-exempt" bonds. </p><p>You also get a bit of a break on US Treasuries and savings bonds. You pay federal income tax on them, but they're exempt from state and local income taxes. </p><h2>What's the tax rate on interest income?</h2><p>Interest income doesn't have a special tax rate the way profits on your investments, aka long-term <a href="https://www.businessinsider.com/what-are-capital-gains">capital gains</a>, do. You pay taxes on the interest as if it were ordinary income - that is, at the same rate as your other income, such as wages or self-employment earnings. </p><p>So, if you're in the 24% tax bracket, you'll also pay a 24% rate on your interest income.</p><p>For the 2020 and 2021 tax years, there are seven tax brackets: </p><h3>2020 Tax Brackets (tax returns filed in 2021)</h3><table style="border-collapse: collapse; width: 100%; height: 147px;" border="1"><tbody><tr><td style="width: 20%;">Tax Rate</td><td style="width: 20%;">Single</td><td style="width: 20%;">Head of Household</td><td style="width: 20%;">Married Filing Jointly</td><td style="width: 19.8701%;">Married Filing Separately</td></tr><tr><td style="width: 20%;">10%</td><td style="width: 20%;">Up to $9,875</td><td style="width: 20%;">Up to $14,100</td><td style="width: 20%;">Up to $19,750</td><td style="width: 19.8701%;">Up to $9,875</td></tr><tr><td style="width: 20%;">12%</td><td style="width: 20%;">$9,876 - $40,125</td><td style="width: 20%;">$14,101 - $53,700</td><td style="width: 20%;">$19,751 - $80,250</td><td style="width: 19.8701%;">$9,876 - $40,125</td></tr><tr><td style="width: 20%;">22%</td><td style="width: 20%;">$40,126 - $85,525</td><td style="width: 20%;">$53,701 - $85,500</td><td style="width: 20%;">$80,251 - $171,050</td><td style="width: 19.8701%;">$40,126 - $85,525</td></tr><tr><td style="width: 20%;">24%</td><td style="width: 20%;">$85,526 - $163,300</td><td style="width: 20%;">$85,501 - $163,300</td><td style="width: 20%;">$171,051 - $326,600</td><td style="width: 19.8701%;">$85,526 - $163,300</td></tr><tr><td style="width: 20%;">32%</td><td style="width: 20%;">$163,301 - $207,350</td><td style="width: 20%;">$163,301 - $207,350</td><td style="width: 20%;">$326,601 - $414,700</td><td style="width: 19.8701%;">$163,301 - $207,350</td></tr><tr><td style="width: 20%;">35%</td><td style="width: 20%;">$207,351 - $518,400</td><td style="width: 20%;">$207,351 - $518,400</td><td style="width: 20%;">$414,701 - $622,050</td><td style="width: 19.8701%;">$207,351 - $311,025</td></tr><tr><td style="width: 20%;">37%</td><td style="width: 20%;">$518,401 and up</td><td style="width: 20%;">$518,401 and up</td><td style="width: 20%;">$622,051 and up</td><td style="width: 19.8701%;">$311,026 and up</td></tr></tbody></table><h3>2021 Tax Brackets (tax returns filed in 2022)</h3><table style="border-collapse: collapse; width: 100%;" border="1"><tbody><tr><td style="width: 20.3896%;">Tax Rate</td><td style="width: 20%;">Single</td><td style="width: 20%;">Head of Household</td><td style="width: 20%;">Married Filing Jointly</td><td style="width: 20%;">Married Filing Separately</td></tr><tr><td style="width: 20.3896%;">10%</td><td style="width: 20%;">Up to $9,950</td><td style="width: 20%;">Up to $14,200</td><td style="width: 20%;">Up to $19,900</td><td style="width: 20%;">Up to $9,950</td></tr><tr><td style="width: 20.3896%;">12%</td><td style="width: 20%;">$9,951 - $40,525</td><td style="width: 20%;">$14,201 - $54,200</td><td style="width: 20%;">$19,901 - $81,050</td><td style="width: 20%;">$9,951 - $40,525</td></tr><tr><td style="width: 20.3896%;">22%</td><td style="width: 20%;">$40,526 - $86,375</td><td style="width: 20%;">$54,201 - $86,350</td><td style="width: 20%;">$81,051 - $172,750</td><td style="width: 20%;">$40,526 - $86,375</td></tr><tr><td style="width: 20.3896%;">24%</td><td style="width: 20%;">$86,376 - $164,925</td><td style="width: 20%;">$86,351 - $164,900</td><td style="width: 20%;">$172,751 - $329,850</td><td style="width: 20%;">$86,376 - $164,925</td></tr><tr><td style="width: 20.3896%;">32%</td><td style="width: 20%;">$164,926 - $209,425</td><td style="width: 20%;">$164,901 - $209,400</td><td style="width: 20%;">$329,851 - $418,850</td><td style="width: 20%;">$164,926 - $209,425</td></tr><tr><td style="width: 20.3896%;">35%</td><td style="width: 20%;">$209,426 - $523,600</td><td style="width: 20%;">$209,401 - $523,600</td><td style="width: 20%;">$418,851 - $628,300</td><td style="width: 20%;">$209,426 - $314,150</td></tr><tr><td style="width: 20.3896%;">37%</td><td style="width: 20%;">$523,601 and up</td><td style="width: 20%;">$523,601 and up</td><td style="width: 20%;">$628,301 and up</td><td style="width: 20%;">$314,151 and up</td></tr></tbody></table><p>Interest income can also be subject to another tax called the Net <keyword id="1082993" type="PERSON" weightage="60" keywordseo="investment-income">Investment Income</keyword> Tax (NIIT). The NIIT is a 3.8% tax on the lesser of:</p><ul><li>Your net investment income, which is generally all of your investment income (including interest, dividends, capital gains, distributions from annuities, income from passive activities, rents, and royalties) minus investment expenses, or</li><li>The amount of your modified adjusted gross income that exceeds $200,000 for singles/heads of household, $250,000 for married couples filing jointly, and $125,000 for married couples filing separately.</li></ul><h2>How do I report interest income on my tax return?</h2><p>Around January 31 of each year, you should receive <a href="https://www.irs.gov/pub/irs-pdf/f1099int.pdf">Form 1099-INT</a> from any bank, brokerage firm, or other sources of interest income showing the interest your investments earned in the prior year. </p><p>In most cases, it's easy to take the numbers from Form 1099-INT and transfer them to the appropriate place on your tax preparation software or tax return. The figures to focus on are in boxes 1, 3, and 8.</p><p>Boxes 1 and 3 of Form 1099-INT show regular taxable interest income and taxable interest from US Savings Bonds and Treasury Bonds. Box 8 shows tax-exempt interest. </p><h2>Other boxes on Form 1099-INT</h2><ul><li><strong>Early withdrawal penalties</strong>, such as those required for withdrawing money from a CD before its term is over, appear in Box 2. You can deduct these penalties as an adjustment to income on Schedule 1 of your Form 1040. </li><li>If you had any <strong>federal or state income tax</strong> withheld, this is shown in Box 4 and Box 15 through 17. You can add this amount to other tax payments, such as withholding from wages or quarterly estimated tax payments.</li><li><strong>Investment expenses</strong> appear in Box 5. Most people can no longer deduct investment expenses since the Tax Cuts &amp; Jobs Act of 2017 eliminated the ability to deduct these for the 2018 through 2025 tax years.</li><li>If you paid<strong> foreign income taxes </strong>on any interest income you received, the amount paid and the country you paid the tax to appear in Boxes 6 and 7. You use this information to calculate your foreign tax credit.</li><li><strong>Specified private activity bond interest</strong> appears in Box 8. Private activity bonds are a type of muni bond meant to fund private projects with a public benefit, such as affordable rental housing. Interest income from private activity bonds typically isn't taxable, but it is necessary for computing alternative minimum tax.</li><li>Boxes 10 through 13 deal with<strong> market discounts </strong>and<strong> bond premiums. </strong>These scenarios can happen when you buy an individual bond for less than or more than its face value. If you buy a bond at a discount, you're required to include a portion of the discount each year as taxable interest. If you purchased the bond at a premium, you're allowed to deduct a portion of that premium each year. </li></ul><h2>Where is taxable interest income reported on the tax return?</h2><p>If you received more than $1,500 of taxable interest or dividends during the year, you report all of that interest and dividend income on Schedule B attached to your Form 1040. If your earnings didn't reach that threshold, you don't need to fill out Schedule B. Instead, you just report tax-exempt interest and taxable interest on lines 2a and 2b of your Form 1040.</p><p>Your 1099-INT forms should have all the info you need. They may not be complete, though. Banks and brokerage firms are only required to send you a form if they paid you more than $10 in interest during the year. So if you earned $5 in interest from a savings account, it's still taxable - you just might not get a 1099-INT.</p><p>So, it's a good idea to keep track of it yourself, too - because you're required to report all interest income on your return, no matter how small. If you have lots of accounts in various places, it could add up.</p><h2>Is there any way to avoid taxes on interest income?</h2><p>It's hard to avoid paying taxes on your interest income, but there are a few strategies to try, especially with assets that generate a lot of income. </p><ul><li>Keep assets in tax-exempt accounts, such as a Roth IRA or a Roth 401(k). No matter what the investment, you never owe taxes on anything earned in such accounts, as long as you obey the withdrawal rules. </li><li>Keep assets in education-oriented accounts, like 529 plans and Coverdell education savings accounts. All earnings in these accounts are tax-free, as long as they're used for academic expenses.</li><li>Invest assets in tax-deferred accounts, such as a traditional IRA or 401(k) to put off paying taxes until you withdraw the money in retirement, and you're presumably in a lower tax bracket.</li><li>Invest in municipal bonds issued in your home state to qualify for the triple-tax-exempt treatment. </li><li>Invest in US Treasuries to avoid state income taxes, especially useful if you live in a highly taxed locality. </li></ul><h2>The financial takeaway</h2><p>No matter the source, most interest earned by your savings and investments counts as taxable income. It's taxed at the same rate as ordinary income - based on your regular tax bracket for the year. </p><p>Avoiding interest income tax boils down to seeking out certain exempt assets - mainly municipal bonds and US Treasuries - and using tax-advantaged accounts, in which money earns tax-free or at least tax-deferred. </p><p>The financial institutions holding your accounts send annual statements of your interest income called Form 1099. So keep track of these, and report all of your investment income. The IRS gets copies of all of your 1099s, so they'll know quickly if you leave anything out. </p><h2>Related Coverage in <a href="https://www.businessinsider.com/investing-reference" target="_blank" rel="noopener">Investing</a>:</h2><h3><a href="https://www.businessinsider.com/where-to-invest-when-interest-rates-are-low" target="_blank" rel="noopener">Where to invest when interest rates are low - 6 fixed-rate vehicles that offer the best returns</a></h3><h3><a href="https://www.businessinsider.com/investment-income-definition" target="_blank" rel="noopener">Investment income is money earned by your financial assets or accounts, and understanding how it works can help maximize your profits</a></h3><h3><a href="https://www.businessinsider.com/low-interest-rates-how-to-take-advantage" target="_blank" rel="noopener">How to take advantage of low interest rates - the best financial moves for investors and borrowers</a></h3><h3><a href="https://www.businessinsider.com/what-is-compound-interest" target="_blank" rel="noopener">Understanding the way compound interest works is key to building wealth or avoiding crushing debt. Here's how to make it work for you</a></h3><h3><a href="https://www.businessinsider.com/what-is-fixed-income-investing" target="_blank" rel="noopener">Fixed-income investing is a strategy that focuses on low-risk investments paying a reliable return</a></h3>

Interest income from your investments is taxable - here's how to calculate what you owe and ways to lower it

<div style="float: right; margin: 15px 0 20px 20px;"><table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td colspan="2"><a href="https://static-ssl.businessinsider.com/category/chart-of-the-day"> </a></td></tr><tr><td><a href="http://www.businessinsider.com/category/chart-of-the-day"></a></td><td><a href="http://www.businessinsider.com/fed-funds-rate-in-2016-2013-9"></a></td></tr></tbody></table></div><p>The Census <a href="http://www.census.gov/newsroom/releases/archives/american_community_survey_acs/cb13-167.html">published income and poverty data for 2012 today</a>, and <a href="http://www.census.gov/prod/2013pubs/acsbr12-02.pdf">provided</a> the following chart showing net gains and losses in U.S. median incomes since 2000.</p>
<p>It shows that there were only two year-over-year increases during that period.</p>
<p>And two others saw no statistically significant increases.</p>
<p>That includes last year.</p>
<p>Overall, median incomes fell -6.6% during the period, to $51,371.</p>
<p>Here's the Census' take on the situation:</p>
<p style="padding-left: 30px;">"From the 2000 American Community Survey to the 2012 American Community, real U.S. median household <keyword id="47201" type="COMPANY" weightage="60" keywordseo="income">income</keyword> decreased 6.6 percent. The U.S. median household income decreased from $55,030 in 2000 to $51,371 in 2012.</p>
<p style="padding-left: 30px;">"There appeared  to be stability in the beginning of the decade. By mid-decade, the nation had reached a peak in real median household income.</p>
<p style="padding-left: 30px;">"The U.S. ACS median household income in 2007 was $56,048.</p>
<p style="padding-left: 30px;">"U.S. median household income decreased 8.7 percent from the 2007 ACS to the 2011 ACS."</p>
<p>And here's the chart:</p>
<p><div class="image-container"><div class="image"><p class="source"><a href="http://www.census.gov/prod/2013pubs/acsbr12-02.pdf">Census</a></p></div></div></p>

CHART OF THE DAY: Median Incomes Have Increased In Just Two Of The Last 11 Years

The first draft of a new simplified <keyword id="20211090" type="General" weightage="20" keywordseo="income-tax-law" source="keywords">income tax law</keyword>, as proposed in the Budget, will be prepared by an internal committee of the tax department and will undertake stakeholder consultation before finalising the legislation, <keyword id="20419783" type="General" weightage="20" keywordseo="revenue-secretary" source="keywords">Revenue Secretary</keyword> <keyword id="301743" type="General" weightage="20" keywordseo="Sanjay-Malhotra" source="Orion">Sanjay Malhotra</keyword> said on Thursday. Malhotra said that the exercise is not linked to bringing a new <keyword id="22542056" type="General" weightage="20" keywordseo="direct-taxes-code" source="keywords">direct taxes code</keyword>, but a comprehensive review of the <keyword id="6354751" type="General" weightage="100" keywordseo="Income-Tax" source="Orion">income tax</keyword> law. <br /><br /> Finance Minister Nirmala Sitharaman in her Budget speech earlier this week announced that a comprehensive review of the Income-tax Act, 1961 will be completed in six months. <br /><br /> "The purpose is to make the Act concise, lucid, easy to read and understand. This will reduce disputes and litigation, thereby providing tax certainty to the taxpayers. It will also bring down the demand embroiled in litigation," Sitharaman said. <br /><br /> To a question whether the review would mean that the government will come with a direct tax code, Malhotra said "It is not a new direct tax code... It is a comprehensive review". <br /><br /> He said the first draft of the <keyword id="22542055" type="General" weightage="20" keywordseo="simplified-Income-Tax" source="Orion">simplified income tax</keyword> law, post the review, would be prepared by an internal committee of the tax department. <br /><br /> "We would like to have a collaborative approach.... The first draft will be prepared by an internal team and then we will see how to go ahead with stakeholder consultation," Malhotra said at an interactive session with industry chamber Ficci.

First draft of new and simplified Income Tax law to be prepared by internal tax dept committee: Revenue Secretary

<ul class="summary-list"><li>Elizabeth Softky couldn't work during cancer treatments and was evicted from her home of 14 years. </li><li>A guaranteed-income program gave her $500 for six months, which helped her get permanent housing. </li></ul><p>When the doctors at Stanford Medical Center showed Elizabeth Softky images of her tumor, she said it felt like she was in a movie. </p><p>"The first thing I thought was, <em>This is going to be really bad</em>," she told Insider. </p><p>And it was: News of the tumor in her colon set off a chain of events that derailed the 59-year-old's life. She had to shutter the educational nonprofit she founded after 20 years of teaching, chemotherapy treatments ate up her savings, and she couldn't pay her rent. As a result, she was evicted from her home of 14 years. She had to complete chemotherapy while staying in a <keyword id="12096785" type="UNKNOWN" weightage="60" keywordseo="homeless" source="Orion">homeless</keyword> shelter. </p><p>Things began to turn around for Softky when she was chosen to participate in Miracle Money, a Bay Area guaranteed-income pilot started by the nonprofit Miracle Messages. The program's $500-a-month payment, for six months, put her back on track to find permanent housing by May of last year. </p><p>Guaranteed-income programs like <a href="https://www.businessinsider.com/two-thirds-homeless-recipients-basic-income-program-housing-ubi-poverty-2022-2">Miracle Money</a> have been surging in popularity over the last two years. They offer no-strings-attached payments, meaning that recipients can spend the money however they like. In December, Insider found that there were <a href="https://www.businessinsider.com/how-many-ubi-guaranteed-basic-income-programs-us-cities-states-2021-12">at least 33</a> active or recently active guaranteed-income programs in the US. </p><p>Research shows that these programs offer <a href="https://www.npr.org/2021/03/04/973653719/california-program-giving-500-no-strings-attached-stipends-pays-off-study-finds">long-term stability</a> to participants, who are more likely to secure full-time employment and see greater financial, physical, and emotional health. The Miracle Money team found the same to be true for its first cohort, which included Softky and 13 other participants. The group also reported that of the nine participants who were homeless at the beginning of the program, six found permanent housing by the end of it. </p><h2>Diagnosed with cancer, evicted, and unable to work — all in one year </h2><p>When Softky was diagnosed with colon cancer in early 2019, she had a few months of savings to work with. She'd only been running her educational nonprofit, Jump Into Writing, for four years, but had to shut it down — she couldn't teach while doing chemotherapy because the procedure weakens the immune system.</p><p>"One of my kids could have killed me," she said. "I was especially vulnerable." </p><p>Without a source of income and with what she describes as "underfunded" health insurance, she hemorrhaged funds quickly. Her landlord wasn't sympathetic, taking Softky to court — and she was on the street six weeks later. </p><p>Softky moved into a nearby homeless shelter, where she said she saw people in need of healthcare, mental health, and rehabilitation services, which she said the shelter wasn't equipped to provide. </p><p>"It's where I discovered the meaning of the phrase 'Dickensian,'" she said.</p><p>Though Softky applied for other jobs through a work-rehabilitation program, she didn't have any luck.</p><p>"You just got applications thrown on your bed most of the time and they'd tell you, 'Good luck,'" she said. </p><p>When the coronavirus pandemic swept the country in early 2020, the shelter moved some of their residents to a hotel to accommodate more people, and Softky was one of them. </p><p>"Moving to the hotel gave me some perspective," she said. "It made me realize that shelters aren't good enough to get people back on their feet … but programs like Miracle Money are." </p><h2>Miracle Money got her back into permanent housing with cash and social support </h2><p>Softky first heard about Miracle Money while staying at the hotel. She had filled out a form to participate in a buddy program, and a month later, she got a phone call from Joan Scott, who nominated her to be a guaranteed-income recipient. Their relationship grew quickly over the next six months. </p><p>"Joan quickly went from being my Miracle Friend to becoming a real one," she said. "I'm a very self-sufficient person, but after our first phone call, I realized that I was tired of going it alone, and Joan was someone I could trust to walk with me in my post-shelter life."</p><p>Scott also provided an outlet for Softky to discuss money management. She said that Scott helped her to monitor her spending and save money, working out a plan to prioritize purchases and pay off long-term debts. </p><p>That, and the money itself, Softky said, were crucial to getting her in permanent housing. </p><p>"It was the only income stream that the housing entity would accept," she said. "I'd saved money from a temporary job after I finished chemotherapy in 2019, but they wanted to see consistent, predictable income." </p><p>Julia Ip, Miracle Money's evaluation lead, told Insider that the buddy program helped the other five participants who secured permanent housing by the end of the program in similar ways. </p><p>"We didn't empirically correlate social support with financial security, but we heard from several recipients that having a friend to talk to about how they're spending the money to reach their goals was helpful, and this in turn also deepened their friendships," she said. </p>

Meet a teacher with cancer who was evicted, but got a new home thanks to $500 a month from a guaranteed-income program

<ul><li><strong>People who have not filed an <keyword id="104359" type="PERSON" weightage="20" keywordseo="income-tax-return">income tax return</keyword> before the due date are still eligible to file belated return</strong></li><li><strong>In case you forget to file your <keyword id="6374875" type="UNKNOWN" weightage="20" keywordseo="itr">ITR</keyword> at all, then the IT department is going to send you a notice to conduct legal proceedings</strong></li><li><strong>The Income Tax authorities extended the deadline to issue Form 16 till 10 July</strong></li></ul><br />If you haven’t filed your income tax return yet, better hurry because you will have to pay a penalty and face restrictions in case you forget to fill ITR before the due date. The Income Tax authorities extended the deadline to issue Form 16 till 10 July, which in turn extended the deadline to file an income tax return (ITR) for FY18-19 to 31 July. <br /><br /><strong>What is a belated return?</strong><br /><br />People who have not filed an income tax return before the due date are still eligible to file belated return any time during the current assessment year 2019-2020. Individuals can file belated return till 31 March 2019 or before the completion of assessment, whichever is earlier. <br /><br /><strong>The Penalty <br /></strong><br />However filing belated returns comes with late fee and certain restrictions. The Income Tax department is going to levy a penalty of ₹5000 in case you file your return before 31 December of assessment year and ₹10,000 if the return is filed between January 1 and March 31. <br /><br />Further, people below the income of ₹5 lakh per annum will not be charged more than ₹1,000. The penalty is required to be submitted before the belated return. The Income Tax will levy a penalty irrespective of whether there is any tax due or not. <br /><br />Besides the penalty, you will also be required to pay interest on taxes for all the months till you file ITR. <br /><br />And in case you forget to file your ITR at all, then the IT department is going to send you a notice to conduct legal proceedings. This can include jail term between three months to two years. The jail term can go as high as seven years if the tax is more than ₹25 lakh. <br />

ITR Filing: Missing income tax return dates can put you behind the bars

<ul><li><strong>The Income Tax department has launched an app allowing taxpayers to view important information on their smartphones easily.</strong></li><li><strong>The app allows users to view the TDS, income tax refund, and more information.</strong></li><li><strong>Here’s how to download and use your smartphone's new AIS for <keyword id="16953325" type="General" weightage="20" keywordseo="taxpayers-app" source="Orion">Taxpayers app</keyword>.</strong></li></ul> The Income Tax (IT) department recently launched a new application for mobile users that allows taxpayers to access their important data from their smartphones easily.<br /><br />The IT app, dubbed as AIS for Taxpayers, allows users to find out important information such as the tax deducted at source (TDS), tax collected at source (TCS), dividend income, income tax refunds, and more.<br /><cmsannotation type="cmsannotation" annotationid="How to download the AIS for Taxpayers app on your phone" comment="subhead" text="How to download the AIS for Taxpayers app on your phone"><span data-til="noop">How to download the AIS for Taxpayers app on your phone</span></cmsannotation><br />The AIS for Taxpayers app is available for both Android and iOS smartphones.<br /><br />You can download the app for Android smartphones from<a href="https://play.google.com/store/apps/details?id=io.lntinfotech.AIStaxpayer&amp;hl=en_US"> here</a> and for iOS smartphones from<a href="https://apps.apple.com/in/app/ais-for-taxpayers/id1571076423"> here</a>.<br /><cmsannotation type="cmsannotation" annotationid="How to register for the AIS for Taxpayers app" comment="subhead" text="How to register for the AIS for Taxpayers app"><span data-til="noop">How to register for the AIS for Taxpayers app</span></cmsannotation><br /><br /><ul><li>To begin, open the AIS for Taxpayers app on your smartphone and go through the introduction slides.<br /></li><li>Then, enter your PAN and date of birth/formation or incorporation.<br /></li><li>Now, click on the checkbox to agree to the terms and conditions and click “Proceed.”<br /></li><li>Now, enter your primary mobile number and email ID, click “Proceed,” and then click “Confirm.”<br /></li><li>Enter the OTPs you received on your number and email, and click “Verify.”<br /></li><li>Now, you will be asked to set a 4-digit MPIN.<br /></li><li>Once you have registered on the app and set the MPIN, you can easily login and view information.<br /></li></ul><cmsannotation type="cmsannotation" annotationid="How to view TDS, dividend income and income tax refund using the AIS for Taxpayers app" comment="subhead" text="How to view TDS, dividend income and income tax refund using the AIS for Taxpayers app"><span data-til="noop">How to view TDS, dividend income and income tax refund using the AIS for Taxpayers app</span></cmsannotation><br /><br /><ul><li>Launch your smartphone's AIS for Taxpayers app and enter your 4-digit MPIN.<br /></li><li>Now, click on “Annual Information Statement (AIS).”<br /></li><li>Then, click on the information you want to view, including TDS, income tax refund, and more.<br /></li></ul><cmsannotation type="cmsannotation" annotationid="Provide feedback on the information" comment="subhead" text="Provide feedback on the information"><span data-til="noop">Provide feedback on the information</span></cmsannotation><br /><br /><ul><li>If you are viewing any information and find a discrepancy, you can provide feedback to resolve it.<br /></li><li>To do this, click “Submit feedback” at the bottom of the screen while viewing the information.<br /></li></ul><strong>SEE ALSO:<br /><br /><a href="https://www.businessinsider.in/tech/apps/news/how-to-file-a-consumer-complaint-against-a-company-using-whatsapp/articleshow/98806634.cms">How to file a consumer complaint using WhatsApp</a><br /><br /><a href="https://www.businessinsider.in/personal-finance/news/how-to-compare-your-tax-liability-in-old-and-new-tax-regimes/articleshow/98116217.cms">How to compare your tax liability in old and new tax regimes</a><br /><br /></strong><a href="https://www.businessinsider.in/finance/news/how-to-use-credit-card-to-make-upi-payments/articleshow/98090488.cms"><strong>How to use credit card to make UPI payments</strong></a><br />

You Searched For "income" and got 7 results

Meet a mom of 2 who got $500 for 18 months through a guaranteed income program after her husband died

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Meet a teacher with cancer who was evicted, but got a new home thanks to $500 a month from a guaranteed-income program

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