Your Money: Tax bills after fraud, tariffs and buying inflation bonds

February 3, 2025

	By Tara Siegel Bernard

Welcome back, everyone.

Last year, I wrote a series of stories about the rise in online fraud, particularly among older adults. Many of the victims I spoke with had emptied (or nearly emptied) their tax-deferred retirement accounts after falling for sophisticated schemes, from romance scams to impersonation fraud.

Through the eyes of the Internal Revenue Service, those withdrawals count as income — even though these victims were left virtually penniless. As several of them told me, the tax bill felt like a double-whammy after the initial fraud, and they were wondering if they had any recourse.

With tax season officially underway, I plan on writing about this issue. If you or someone you care about are struggling with a large tax bill after a fraud, I’d love to hear from you. Please write to me at tsbernard@nytimes.com.

Have a great week.

Tara

An illustration shows a paper shredder, with a document that appears to be a bond being shredded into a pile of 1s and 0s.

Till Lauer

your money adviser

You Can No Longer Buy Paper Inflation Bonds With Your Tax Refund

The Treasury Department has also eliminated the option of buying as much as $5,000 in extra inflation bonds, beyond the $10,000 annual limit.

By Ann Carrns

Tell us how tariffs on goods from China will affect your business.
The New York Times wants to talk to business owners about President Trump’s imposition of additional tariffs on imports from China. To better understand the global impact, we would like to hear from business owners, entrepreneurs, managers and employees. How could the import taxes affect your company or job — positive or negative? Let us know here.

A port, with rows of containers piled up. A bridge is In the background, along with cranes.

Here’s What to Know About Trump’s Tariffs

Canada, Mexico and China account for more than a third of the products brought into the United States. Tariffs could lead to higher prices for consumers.

By Danielle Kaye

DealBook Newsletter

Weighing the Fallout From Trump’s Looming Trade War

Business groups, economists and even some Republicans cautioned that new tariffs on goods from Canada, Mexico and China could undercut U.S. industry and the economy.

By Andrew Ross Sorkin, Ravi Mattu, Bernhard Warner, Sarah Kessler, Michael J. de la Merced, Lauren Hirsch and Edmund Lee

Two white tractor-trailer trucks at a border crossing station.

From Groceries to Cars, Tariffs Could Raise Prices for U.S. Consumers

If they take effect, President Trump’s new tariffs on goods from Canada, Mexico and China are likely to result in higher prices for lots of products, including computers, tequila and gas.

By Danielle Kaye

This Is How Much the U.S. Imports From China, Canada and Mexico

Mexico, China and Canada account for more than a third of the products imported to or bought from the United States.

By Karl Russell, Lazaro Gamio and Ana Swanson

An illustration of a man wearing an American flag-style top hat, holding a cup of coffee and contemplating various bubbles representing inflation, trade, A.I. and tax cuts.

Strategies

The Fed Is Sitting on the Sidelines, but for How Long?

The relative calm in the markets may not survive upheaval in the A.I. sector and a deluge of disruptive Trump policies, our columnist says.

By Jeff Sommer

High Inflation Sows Debate About New Fed Playbook for Tariffs

Fresh tariffs amid high inflation are making the Fed’s job uniquely difficult and feeding uncertainty about what to expect for interest rates this year.

By Colby Smith

Why Banks May Be Hoping You’re Not Paying Attention

They have no fiduciary duty in many cases and can profit from customers’ confusion. But where’s the line between unsavory and illegal?

By Ben Blatt

A person leans against a tile wall, standing near a large advertisement for Kalshi.

Kalshi, an Online Prediction Market, Will Open Its Bets to Brokerages

The platform, which recently hired Donald Trump Jr. as an adviser, is seeking to tap Wall Street to expand its potential customer base.

By Michael J. de la Merced

Glass doors at the sprawling entrance to the Food and Drug Administration’s headquarters in Silver Spring, Md.

F.D.A. Upgrades Recall of Some Chocolate Snacks to Highest Risk Level

The agency warned that the products, made by Cal Yee Farm, could have potentially serious or even deadly consequences because the packages were mislabeled. No illnesses have been reported.

By Adeel Hassan

A person near a walkway with arched entrances and a sign that says “Unit One” above.

square feet

Old Prisons Are Being Converted Into Stylish Apartments (Really)

The number of incarcerated people nationwide has declined, and almost 200 correctional facilities have closed in the past 20 years. The sites are being repurposed.

By Amanda Abrams

An illustration depicts a vacationing young family with a baby in a stroller and a toddler looking through a telescope in a scenic overlook area. The view beyond is of snow-covered mountains.

Travel 101

How to Travel With Babies and Toddlers

Flexibility and preparation are key when taking young children on a trip. So is choosing the right place to stay and keeping your expectations reasonable.

By Perri Klass

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