October brings several important financial tasks and opportunities, particularly for students preparing for college financial aid, taxpayers reviewing withholdings, and Medicare recipients evaluating plan options.
FAFSA Typically Opens on our around October 1st
If you have a family member attending college in the upcoming academic year, October 1st typically marks the start of the Free Application for Federal Student Aid (FAFSA) but check the FAFSA website for the exact date. Filing early is encouraged because financial aid is not solely based on need.
Check Your Tax Withholding
October is a good time to review your tax withholding. If you’re under-withholding, you may face an unexpected tax bill or underpayment penalty. If you’re withholding too much, adjusting now may increase your take-home pay. The IRS provides a Tax Withholding Estimator tool online to assist with this review.
Medicare Open Enrollment
Medicare Prescription Drug Plan enrollees may benefit from comparing available plans during open enrollment, which runs from October 15th through December 7th. Plans often change premiums, formularies, deductibles, and other features annually.
Medicare Advantage Enrollment Notes
Those enrolled in Medicare Advantage Plans (with or without prescription coverage) have a separate open enrollment period running from January 1st through March 31st.
