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These approaching deadlines could impact your money

Guaranteed income programs and Medicare deadlines are approaching.

counting money in front of laptop

These applications could seriously influence your money.

Additional income could affect your tax return

1. Applications for monthly income

With inflation and the cost of living on the rise, applying for these programs could bring you in some extra money. Find more information here.

In Los Angeles county, applications to receive $1,000 monthly payments will open March 31. This is part of their universal basic income program.

The Breathe program is intended to help residents “breathe easier knowing they are financially secure.”  1,000 qualified applicants will randomly be selected. They will get the monthly payments for three years. That is $36,000 in total.

2. Up to $1,500 monthly

In California, dozens of families will get monthly payments starting April 1. In Yolo County, their basic income program will give 54 families prepaid debit cards with $1,200-$1,500 on it each month.

In order to qualify, you must have at least one child younger than 6.

This income is in addition to the assistance they already receive. Yolo County has the highest percentage of residents living  below the poverty line in all of California.

Child Tax Credit: $175 may be available to parents for higher living costs

3. Deadline to enroll in Medicare

The deadline to enroll in Medicare Advantage is March 31. This is s type of Medicare plan offered by a private company that contacts with Medicare.

You must at least 65 in order to qualify.

4. Required minimum distributions

If you have a retirement plan or IRA, April 1 is the beginning of your first required minimum distributions (RMD).

RMDs are minimum amounts that the retirement plan account owners must withdraw annually. This begins at age 72 or the year you retire.

If you don’t withdraw your first RMD isn’t by April 1, or if it isn’t big enough the IRS could penalize you.

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