If you have a family member who will be in college for the 2022-23 school year, October 1st is the start date for submitting the Free Application for Federal Student Aid, or FAFSA. The FAFSA is the key to getting financial aid; every student should file because not all financial aid is based on need.
October is also a good time to check and, if needed, adjust your 2022 tax withholding. If you’re not withholding enough, you could face an unexpected tax bill or even an underpayment penalty when you file your return. If you’re withholding too much tax, you may be able to take home a larger paycheck instead of waiting for a refund next year. The IRS has an online Tax Withholding Estimator calculator available on the IRS website.
People enrolled in a Medicare Prescription Drug Plan can benefit from comparing plans during open enrollment which begins October 15th and runs through December 7th. Plans often change premiums, formularies, drug costs, deductibles, and other plan features annually. The plan that was most cost effective for an enrollee in 2022 may not be the best plan for them in 2023.
**For individuals enrolled in the Medicare Advantage Plan (with or without prescription coverage) the open enrollment period is January 1st thru March 31st.
