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Returning Stimulus Money?

MoneyWise / Rob West and Steve Moore
The Truth Network Radio
February 22, 2021 7:03 am

Returning Stimulus Money?

MoneyWise / Rob West and Steve Moore

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February 22, 2021 7:03 am

Many Americans have received two rounds of stimulus payments from the government. But a lot of folks are still waiting on their second payment.  And others have received a payment in error. On the next MoneyWise Live, hosts Rob West and Steve Moore have some tips about what you should do if you’re still waiting or need to return a payment you weren’t due. Then it’s your calls and questions on the financial matters you’d like to discuss. That's the next MoneyWise Live at 4pm Eastern/3pm Central on Moody Radio.   

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The IRS was bound to make a few mistakes.

Well, maybe more than a lot of folks are still waiting and the IRS says something qualified payments anyway you Pres. Rob West is what limits your calls on anything at 805 five 7805 $7000 for this life. Are we sending out any stimulus checks.

Just pondering no aware of no few bucks here there will it's in addition to that, let's get some other bad news out of the way. Some folks might have have to return a stimulus payment if they received it in error. I hadn't heard all that much about this, but as I said I guess that was to be expected. That's right. It's not like the IRS was going to let you keep the money that you were entitled to. And you should want to. As believers, of course, we always want to act with complete integrity okay just just kidding just kidding. Okay right so how do I know if I received the stimulus payment in error. Yeah well of any of these circumstances apply to you.

You probably received the money by mistake. First, you received a check for someone who is died or you don't have a Social Security number. If you're a nonresident alien without a US citizen spouse, your payment was probably an error or if you're a noncitizen who files federal taxes and then there are the income limit Steve for the second stimulus payment if your adjusted gross income exceeds 87,000 for a single taxpayer or hundred and 74,000 for a couple well you have to return the money and then there's one final category. If your claimed as a dependent on someone else's taxes. Well, you weren't eligible for stimulus payment. Can I let's say I did receive a payment in error. How do I return this money yeah there are different ways depending upon your circumstance and not surprisingly, it gets a little complicated. The IRS as a way of doing that first. If you received a payment for someone who was deceased in 2019 or earlier. You should return the entire payment but if the payment was made to joint filers and one spouse is still living well they should return half the payment.

Okay I will that make sense yeah but here's where it gets more complicated if the check was issued in both your name and your despair deceased spouse name and because of that you haven't been able to deposit the check.

Well, then you need to return it. The IRS says that after it processes the returned payment. It will then issue you a new check in the correct amount Bit of leap of faith there but all right.

And how exactly do I return this well this applies whether the check was for a deceased spouse or any other reason you weren't eligible and haven't cashed yet you just simply write void in the endorsement section on the back of the check that on a separate piece of paper. Let the IRS know why you're sending the check back then mailed the check to the appropriate iris location that's going to depend upon your state, but it's the same place you send your tax return each year. Okay I and how I return the money.

If I've already cashed it and that I mean on the check that I haven't gotten should have gotten in the first place. You can use a personal check or money order made payable to the U.S. Treasury. You also want to write 2020 EIP that stands for elect economic impact payment on the memo line and include the Social Security number of the person whose name was on the check. Then on a separate sheet of paper. Explain why you returning the money finally mailed the check and note to the appropriate iris center.

Interesting that there suggesting notes because we have this tendency to believe that it's all machinery, but at some point someplace actual people are seeing these notes and it's exactly right. Well I think were done with the bad news. What's the good news.

Well the good news is Steve if you are eligible to receive the second $600 stimulus check, but it hasn't arrived yet.

You can claim it as a recovery credit rebate on your 2020 taxes. There's a special wine on the 2020 return for that and if you don't normally file a return.

Well, you can go to and start a payment trace. So there are ways to get the money you're entitled to, and I'm thinking it would be great if there was a way to make all of this just a bit less complicated.

Yeah. And actually, there is the main reason the IRS is puts had to put many of these procedures in place is because some folks haven't signed up for direct deposit. That's why they use paper checks and e-card so this is a good time to sign up for direct deposit through the iOS right and this is also a great time to give us a call with your financial question 800-5257 back to moneywise finding God's plan for your financial life today for a couple of minutes the covert check.

You may have already received or maybe you didn't receive it in the mail. You know that's a question we get Rob I received this check we were planning on it didn't really have it budgeted. What should I do with that. You want to weigh in on that one.

Well, yeah, you know, I think anytime we received provision from the Lord and that's what I would see this as including any other source of for compensation or income that we receive what we want to weigh it against our God-given priorities, goals and objectives over member of our starting places God owns it all and we recognize that we're given to I think first give back and then provide.

I don't think we should start with provision because we may never get beyond that, then we ought to think of that in light of our goals and objectives.

What is God calling us to and what principles can we extract from his word that give us a priority order for the use of his resources, so I would say very practically that would start with. Do you have some reserves because the unexpected is going to have. Are you giving systematically. Do you have any debt, and if so, let's use this as a means to get rid of it, starting with high interest consumer debt, namely credit cards. Beyond that, I think we should be funding the long term so that we should always look at it in light of those God-given goals, priorities, objectives, and then decide prayerfully how to use the money in light of well said Robin of faith, none of those options work for you. For some reason you thought hard about it.

There's always our default position. Rob, which is an extra large pizza and always, always know anchovies of course rec cursor yesterday okay 800 257 the Hudson State College, Pennsylvania hello Steve, what's on your mind today sir, I thank you for taking my call.

My question, I remember about Mark Kirk's in-state college university town before COBIT we were averaging about 60 people worshiping in person. Now with coded word about 30 in person, but others watching a live stream half of our members are over 50. The rest are younger, with young children and giving is currently through cash or check, and we were blessed that giving last year didn't drop off so were looking considering online giving programs and Look Eric there a number that look interesting, including Banko tightly pay among a bunch of others. Some have a small monthly fee. It looks like they all charge anywhere between 2 3/4 and 3% for using debit and credit cards, and 1% per ACH donations that looks like most of them provide the option for members to cover those fees. So, looking for any advice or thoughts that you might have about the online giving program yeah well I like this idea, Steve, that you all would add this ability to give electronically to your website make this available to your members.

Any number of online donation platforms will allow you to take gifts directly on the church website without having to send visitors off the site, you will expect to pay generally about the unit for the type of volume, you'd be looking at 3% in transaction fees for credit cards probably less for debit cards and you can look at any number of them. Some of the more popular ones to look at would be striped STRIPE we pay would be another one in the course. PayPal is one that's more commonly known and then funded Lee F you MDL why I think those would all be ones to look at stripe is growing in popularity of very quickly and is a really easy to use. The user interface so I would look at those for the three you mentioned, I think would be good as well but I think the bottom line is what can be integrated seamlessly. What has some of the your fees on the lower end in terms of both the per transaction percentage this taken as well as any ongoing monthly fees and this is gonna be a real convenience to folks.

I think you will want to make it clear to folks that there is an extra charge to the church to so they are aware of that because, given that information. Some may choose to continue to send a monthly check just to make sure that as much as possible is getting to the church for use in all the churches activities but I do a bit of research. There one other place in my directed to is a good friend of ours is a contributor. This program periodically as a general and by the name of art, Rainer, and you can find ART RAI in he talks about these issues pretty regularly and it probably has some other suggestions so you can look at that, but appreciate that you all thinking outside the box. He earned trying to create the more convenient ways for folks to give Steve Gray question.

Thank you very much we appreciate that. Let's go to beautiful Athena, Georgia hello George, what's on your mind today sir, I will notů Or, again, all my goodness, I'm sorry I I've had a I just can't read it all to the anybody. How can we help you set separately like return we get along just fine that way.

It that she received it yet but I did not receive one that I was wondering if the member called to find out if I going to get water just that. Get one. Yeah, this is a get my payment portal George that I think would be helpful in this case so you just simply want to go to and type get my payment into the search box of there's also a for the recovery rebate credit which you can claim if you haven't received your payment yet and you're entitled to, which we just simply take it off your taxes as an alternate approach, claiming that credit would just simply reduce your tax bill by the amount of the stimulus you were due but haven't received so you could go one of those two ways either trying to track the payment in and get more information on a payment that may be forthcoming or just simply claim it as a credit on your tax return. In either case, you would get the benefit of the stimulus payment you were due. So I would take one of those two approaches well just to let her phone number. You know, does it.

Nobody uses the phone anymore.

The not for sending us could call the IRS directly. Their phone number you'd find it. and you you you get into the phone tree there which you know if you are okay. Using the Internet. I think you can get the information you're looking for just a bit more quickly.

But if you go to, you'll absolutely find a toll-free number there George and one of the first options is related to stimulus because, as you might imagine there getting so many calls on this right now. I just think if you're comfortable using the Internet you have computer you have a computer with Internet access. You get the information a bit more quickly if you don't have access stay on the line and will give you that phone number. Our producer will give you that number before you go today George. We appreciate that call. Thank you very much. Sorry for miss identifying your state. We hope that works out for you and what with that. I think maybe we need to pause and take a break. I you're listening to moneywise live time, Steve Moore, he's Rob last when we come back we'll chat with Betsy, Stephen Anderson, Indiana, then you should now in Chicago and perhaps view was well again. Here's her phone number 800-525-7000 nice to have you with us today. It's a joy and a blessing to always join you this time Monday through Friday.

Tell a friend and will be right back moneywise live check this out online. That's moneywise find links to free resources personal and tools things like budget templates.

Also archives of past radio programs and easy ways to find to see KA. A certified kingdom advisor in your area and also a budget coach that and more. When you visit moneywise Also, the donate tab at the top of the page without your prayers without your financial assistance.

We have a tough time being here each day. So if you enjoy the program.

If you've ever come away with something helpful and useful in you'd like to help us out. I would be honored again moneywise and click the donate tab at the top of the page. Let's continue on Anderson Indiana hello Steve, how can we help you today radio. I will not anymore. We will and women are already about the issue. Another check here for 1400. Always join Tyler that work yeah Steve, you know, if you were entitled to get the last when you're likely going to get the next one. You know they will change periodically. The qualifications just based on the income that's there. So as long as you fall underneath the combined income limitation as husband and wife and nothing is changed in your situation than that you should receive the next one. It would just be a matter of you when that actually gets to you would encourage you and the rest of our listeners to be signed up for direct deposit that's gonna be the most efficient way to get that check, but apart from that notion be anything that's changed feel if you fall under that income limitation in the check should be on the way to you.

God let God bless with that, Steve.

We appreciate that. Thank you Alex in Tampa what your question for Rob West. Thank you.

So we will be labor to do.

You know, stay away from Cody got all my car so I didn't want to leave the body follow biblical principle to have the morning how the economy we had banking yes yes well Alex I think you know it. It's a great question to ask in what we recognize is that the economy does function largely based on consumers being healthy, having disposable income discretionary income to spend and enjoy God's provision, as well as to be a conduit of his provision back to those who are in need in on if we all handled money that way. We said starting as a starting place. We recognize God owns it all and then took our role as stewards and we said we want to take a part of God's provision and return it to those who are in need.

We would have a lot more people that wouldn't be in a desperate and dire situation financially because we be sharing generously, and that if we said we were going to live well within our means on the rest.

You're right that might have an impact on lenders. Notably, but it would mean that the consumer would be in a much stronger more financially healthy situation and you won't find us saying you shouldn't ever buy a new scar use a new car. In fact, we often say when we talk about buying used. If nobody bought new cars there will eventually wouldn't be in used cars right because they'd all wear out. So the key is to make sure that were not getting overextended. You know that were saving to buy. Hopefully with cash and doing it in a way that fits well within our budget.

The problem is so often we buy more car than we can afford using debt to fund the purchase with money that we don't really have.

And that's where people get into trouble.

But if we've saved and we've handled our money well and wisely.

There's no problem with buying a new car again as long as it fits within the goals and objectives that I have given to me by the Lord and that I'm able to do the other things including providing for my family and giving generously and saving for the future so you know I think you can make a good point, but I actually believe that if we all lived according to God's principles. Not only would we be stronger financially, but our nation would as well because we have far less debt and we would be able to operate the well within God's provision. So appreciate the question, it does raise a really fascinating and interesting point, but I think the news is all good. If we handle money, God's way.

That's right, we never said that. Me, we don't want to tell you what God's lifestyle is for you. We've never said that all credit cards are bad new cars, new houses, boats, we still feel strongly about anchovies, however, were still recommended no anchovies and your pizza but that likes God bless you, thank you very much. The school will will not stay right here in Georgia hey Victoria, how can we help you today what's on what's in your mind, your posterity, we have one child and 20 I have that we are planning to have my and we decided to go ahead and start and how to speak here. Maybe later this town. I gave it a good time to plan and make it clear they economy that there country). Yes, you know Victoria, I don't think there's anything wrong with that. It is a sellers market in the sense that there's typically around the country right now.

The housing market is been very strong. There's tends to be low inventory. What that means is as quickly as people are putting them on the market because there's not enough houses out there for sale they're being bought up very very quickly and add top dollar. So it is a good time to sell in terms of unless there you're in an unusual situation of there's a particular problem with the home you should be able to maximize the value on the sale. The question, whatever it you were considering building just always comes down to number one.

Do you have the ghetto that a proper understanding of what it's gonna take to build the home. In terms of the cost.

Do you have the reserves. Where are you going to live while it's under construction. So if you're going to sell and then you're gonna start building your where you can ago.

In the meantime, are you gonna rent and if so, that's fine, but you do you have the staying power in terms of your your budget will it accommodate that rent payment where you're going to live out while you're carrying a construction loan and servicing that dad and then what if it takes six months longer than the general contractor says it's going to is that gonna damper and what if you know the prices end up increasing on you as they have so often lately with the price of the raw materials going up because so much construction is happening so you just need to think through all that to make sure you have a good strong financial foundation under you.

If you have there's no real nothing wrong with you doing that at this time. S you and your husband as you make this choice to the broadcast Rob Weston Steve Moore along with you today, taking your questions and comments. We do have a view up in lines 800-525-7000 800-525-7000.

Let's go right back to the phones and welcome Mike were so glad you called today how can we help user I got your program very much like all I would like to find out live in the Chicagoland area of electrified kingdom advising Myrick that they grab you. We sure can't Mike yell when you talk about a certified kingdom advisor, it's a designation and it's exclusively for those who have really become specialists and biblically wise financial advice. So that's evidenced by a 50 hour University training program as well as meeting a whole bunch of other requirements both in the technical side as well as integrity, competency, and even a regulatory review. They also have pastor and client references that have to be sent as well. So once somebody achieves the CK a designation it just simply means they really have purpose themselves to be healed excellent in giving biblically wise financial advice that we try to make it really easy to find a CK a in your area. The Best Way, Mike is just simply to go to our and just click find a CK you put in your ZIP Code or your city and state you get a big long list and really everyone on that list has the designation and we typically recommend that you to interview at least two or three.

Keep in mind they don't work for us and they just achieve the designation that really is the gold standard for biblical financial advice at a professional level so they're going to have different ways that they charge for what they do, they'll have different backgrounds and experience will be at the different firms that may be independent with the one of the big wire houses so you really need to find the person that is the right fit for you. So I had over the website do that search find some that are nearby you and and then start interviewing and see who's the best fit. Again the website moneywise and we appreciate your call so much today. Let's head down to Palm Beach County next and welcome Ray to the broadcast Ray good afternoon, I you're breaking up just a little bit want to try to move slightly.

If you can do it somewhere with a better signal and try that again all now yes or okay alright so I shot what I talk to you but anyway I might not see them just starting to see the light on managing my money. We're really don't have a lot of what I want to know where Florida retirement and I understand I can pick a good IRA yes or option for somebody without right out. I don't want to pay off my debt.

I'm a mutant that is my whole I'm genuinely just money based on what they giving me approximately 400,000 active PFR house that you tell me what you're going to do next. Ray, have you separated from the work that will allow you to be in the Florida retirement system not yet don't show what I gonna do it on this argument.

My debt my credit card. I wanted you to know is considered to be a lot but I think that I okay very good. Yeah, I think the key here Ray is to do some financial planning to really understand fully what's going on in your financial life you know I love the idea of you being debt-free over time and in fact it's what we tell folks we want them to pursue with the goal of at least being debt-free possible by the time they retire, including your home because that's going to give you the most flexibility is going to reduce what the need is for your lifestyle on a monthly basis and therefore tickled it was much pressure as possible off your savings, your retirement savings in terms of your ability to convert that into an income stream but yeah I don't want you to do that prematurely, because keep in mind if you're still working you're not quite in retirement. Yet you know there's a benefit to being debt-free including your home, but I also like the idea that we would keep that retirement savings that which you been building up in the Florida retirement system working for you over the long haul and my preference would be that you let that continue to grow and that you dial your lifestyle or your spending back in such a way that you can take excess cash flow beyond what you need to build up an emergency fund and beyond what's going to credit cards and you would use that to pay down the house as opposed to your paying it off early out of your retirement because there's going to be a penalty if you're under 59 1/2, plus it will also be taxable to you so that tends to be expensive money. So my preference is you let that continue to grow at the appropriate time.

You either converted to an income stream or you take through the drop program a lump sum distribution into an IRA and we may accelerate the the mortgage payoff at no add or near retirement out of those funds, but again I'd rather you do that out of free cash flow and if you have credit card debt that would absolutely be my priority at this point so recommend that you schedule an appointment with a certified kingdom advisor to do some financial planning. It sounds like you got a lot of moving parts here and I think somebody could give an objective view of that and really help you understand what your best next step is would be well worth the time and any cost of that you could find somebody right there in South Florida that moneywise Phil are rather ready. Thank you very much we appreciate that Rob we have a question from a listener. There was a difficulty with their phone line but they wanted to know if these stimulus checks are taxable and I know the I do know and they're not to the irises made it very clear that there is no tax going to be due on the stimulus checks so that is not taxable income that is being paid out to you so that will not be something you have to be concerned with okay good. Good information and good news Palm Beach County, Florida hello Ray what you question. We have just a little bit of time here I am okay now you got okay yeah news that's good to know Raisa just kinda circling back to this particular question here.

If you are full retirement age will miss the penalty so that will not be a factor, but it will be taxable to you.

So adding all of that money that you're then taking out and using to pay down the house is going to create quite a bit of a tax bill there as taxable income to you when you make that withdrawal so that's why I like the idea of you doing that over time, so perhaps you spread that out over to three years something like that and so visiting with your tax professional to really understand the implications of that and developing a strategy to get that paid off in full. But in a way that doesn't create unnecessary tax liability will be key in that decision and again Ray were glad that you called today. Thanks very much.

I will we come back we have a lily in line also should know Chicago has a question about student loans and government poses letters currently under consideration will think those calls and maybe yours as well.

800-525-7000 800-5257. He's from last night. This is moneywise your money and finances can help something in that regard. Whether it's straight financial statement comes to things like tax returns. Let's kick it around, give us a call 800-525-7000 school West to bit to Iowa. Lily, thank you for your patience. What you question my call.

My question and my mother bought a house a while back and put it in her campaign and when she went to the house.

Then the money had to go to all the children and then we basically kind over the check and gave it back to her because it was her money. My question is do I claim the money as income. Do I get a form from pack pack yeah well Lily. I think a couple things your number one is given the complexity of the situation, you'd always be wise to get some professional tax advice but in general know it's not good to be income, but there could be was there again on the property in terms of what it was sold for versus what to the cost basis was the original purchase place price plus any improvements okay so the price should man much there. If there was again, then that's going to be divvied up on a pro rata basis based on the ownership, so if she lived there thereto out of the last five years, she would have the exclusion where she wouldn't have to pay any capital gains on any gain that was there up to 1/4 million dollars but the other individuals who were also owners who did not live there was, not their primary residence.

They would then be responsible for capital gains regardless of what you did with the money after the fact so you want to just understand what are the capital gains, if any, that each of you as kids owe based on your ownership in this property that you didn't live in. Beyond that, I know there's not any income there and you have the ability to make a gift of up to $15,000 annually to an individual without counting it against your lifetime exclusion for gifts of 11 1/2 million for just where it stands today so you know there's not anything that you would have to worry about from that standpoint, but you know on the income side so I think you should be in fairly good shape as long as you understand the capital gain side and I would just recommend anytime there's major changes. Kind of a an unusual situation that's different from the norm.

It's always a good time to check in with a tax professional. If you don't regularly have your taxes prepared just to make sure you're doing everything properly.

There's no surprises that might result in penalties or some sort of thought interest down the road so going get some professional counsel on this, but sounds like you should be in pretty good shape. Thank you very much for your call today. Lily Chicago and Chanel have a student loan question for some contact at the same when all the things that you have on our legislation that would Biden student loan forgiveness and talk soaking up possible partners up to $10,000 in food, I just want to know should I be still making payments toward my salon since I'm currently just under the 10,000 mark that I have remained and left to pay. Yeah, I appreciate that you know you should certainly continue making your student loan payments because you've agreed to do that under the current system. You are correct, though the Biden administration is proposing, and that's all it is is a proposal. Forgiveness is of the up to $10,000 in loans per borrower by executive order that the president himself said he doesn't think he has the authority to write off as much is 50,000 per borrower, which some are proposing. But as of right now. Again, it's only a proposal, the White House would rather this be done with legislation so they're still talking with congressional leaders about this, but that in the meantime, I would just continue making those payments as agreed and I will see what happens in the days ahead Chanel. Thank you very much for that 800-525-7000 Canton, Ohio met Madeleine what you question today for Rob West, my friend and got her by card and she thought that it was junk mail. Our credit card and she shredded it out. The information that came unfortunately Madeleine, this is pretty common occurrence because you know we've heard so much lately, especially about fraud related to gift cards and e-cards and so when that comes in the mail claiming to be what it is. Often times folks will just assume that it's not legitimate so they'll just to get rid of it by shredding it often. Unfortunately, this is a very popular way for the IRS for those who don't have electronic payments information on file with the IRS. They're not only using checks they are using these e-cards put out by meta bank. So if you've destroyed or thrown out your stimulus EIP card you can get it replaced so you want to tell her to call the EIP customer service line and I'll give you the number and she'll ask for replacement. It's 800-240-8100. We say that again that's toll-free 800-240-8100 tell her tell them Jesus destroyed it. She'd like a replacement if she's comfortable using the Internet. She may not be any mention she's 98. Although you'd be surprised how many 98-year-olds are on the Internet as she could do that it EIP Perhaps she has a friend like you are a family member that can help her if you'd rather do that electronically.

EIP and you might be surprised to know how many 48-year-olds have shredded that card as well. Yes, it had more than a few calls, so I don't know. Maybe the next summer on the government can figure out a way to put something on the outside of the envelope or something to alert people might be a nice ministry for you in your local church. If you have some people around the church that seem to be had not all that on top of the latest technologies may be could look out for those folks and tell them what might be coming in the mail Madeleine were glad that you call today a rather quickly some information about the new app it seems like every week or so to something new with the app and would like to know about it absolutely would. Steve couple of things that are new Steve talk about her moneywise app which you can find in your app store. Just Google are in you when you get into the app store. Just search for it should say moneywise biblical finance we release last week.

Steve, our new Discover tab so in the app is the digital envelope system and the community where you can post questions get responses from me and other money was coaches and certify kingdom advisors, but our new Discover tab is the place inside the app where all the best content and biblical money management feeds in in one place so there's content from moneywise encompassing the National Christian foundation and Randy Alcorn and you name it, it's all there were so excited about it. You have read articles, listen to podcasts really grow in your understanding of God's heart as it relates to managing your money, and did I mention it's free. There's absolutely no cost for it. So I go download it today. Again, you'll find it in your app store. Whether that's Google play or Apple.

Just search for moneywise biblical finance. Check it out and let us know what you think right thank you, Rob, Twin Lakes, Wisconsin Mike, welcome to the program and what you situation. You have three sons and trying to figure out a 529 approach yeah I have about 30 bucks a month that I can put away a record that I don't know if I should open up a 539 or just put it in account if I should do it. 539. Do you have any advice, recommendations for who I should do that yet. Mike is a great question in the 529 is my favorite tool for saving for college just simply because you get the great tax treatment like a Roth IRA. You don't get the deduction. When you put it in but you do get tax-free growth from a federal income and capital gains standpoint as long as the money is used in the end for qualified digital educational expenses for your kids, are you and you can move it around based on who needs it. Once you get to that point. The other reason I like it as if you were in a position where you thought you might qualify for financial aid. At that point it's going to be treated as your asset which is a much lower percentage of the expected family contribution that if it was treated as an asset of the child like a custodial account and it's a really simple way were you can set up an automatic dude a deposit directly into the 529 so the what you're describing with having a monthly amount available could be set up very easily and they have investment options inside, like a 401(k) in terms of which one is best for you.

Each state has their own plan and they all use different custodians which means they have different investment options inside the plan. So I would look based on what state you're in this with the Wisconsin plan and how that's treated from a state income tax standpoint versus what might be better performance by another states.

529 that lets out-of-state participants into the program. Here's the best waited to make all those determinations there's a website saving for that has a fabulous question and answer tutorial and so basically you put in the for your kids, their ages and what you're trying to save where you live, they'll take all that information and then it'll make recommendations as to which states plan is gonna be best for you. Considering all the information you provided and then you can make a decision at that point, soap saving for is the place to go and I think the 529 is in fact the tool you're looking for you and Mike. You know some people might think well $30 a month that mean that's gonna take forever. That's not a lot of money. I do love that you doing something with $30 a month. Can't tell you how many people we've heard from that are able to get out of debt into really positive long-term things with 20 bucks a month $25 a month, $30 a month in the earlier you get started.

Obviously, the better is going to be able to do in the long run because all of your money will compound so it's a wonderful thing you doing for your three sons and as God prospers you, perhaps, that 30 can be up to little bit to 40 or 50, but if you looking for something really productive and helpful for your family. 529 for educational purposes is a great way to begin that were glad that you call today thanks thanks very much Sir will come back and do it tomorrow. Thank I look forward to it. Steve, thank you moneywise live is a partnership between Moody radio and moneywise media. My thanks to our control team today. Amy and Dan and Aaron and Jim and Mark thanks to you for listing again. If you enjoy the program. Please tell a friend and visit us online@moneywiselive.o Margie

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