Why does asset location matter? Well, what types of investments you hold in which accounts can play a big part in how much tax you pay now and in the future.

Click the link in the description of today's episode in your podcast app to go to the show notes and download our brand new guide on why asset location matters for free.

Today in this jam-packed episode of your money, your wealth, we talk about stimulus payments for self-employed, dependence, and those who message us on Facebook.

The Paycheck Protection Program, round two of which started since this episode was recorded, coronavirus-related distributions, Roth conversions, tax-lost harvesting, the solo 401k, and yes, we even have a few derails at the end of the episode.

I'm producer Andy Last, and here are the hosts of your money, your wealth, Joe Anderson,

CFP, and Big Al Clopine CPA.

We got one from Kelsey.

Hello, my name is Kelsey, and I have a question about the stimulus checks.

My parents claimed it me as a dependent in 2018.

Neither of us filed for 2019 yet. If they file soon, it will not claim me as a dependent,

will I be able to get a stimulus check? I'm 22-year-old college student, and live and pay rent on my own,

so I'm independent.

Also, my dad is self-employed and does not set aside taxes with each paycheck, so on tax season they owe a lot. How much will it cost them not to claim me as a dependent?

So there's two questions here, Begal. One's a tax question. So she's

claimed as a dependent. She's 22 years old. So. Yeah, I'm presumably a full-time college student,

which means her parents can claim her as a dependent, but there's very little benefit.

There's zero benefit, right?

I mean, in the past, you got about a $4,000 deduction for a dependency exemption,

and that went away in 2018 with the New Tax Act and Jobs Cut Act.

But at any rate, yeah, there's not much reason, Kelsey, for your parents to claim you as a

dependent, and they shouldn't because if they claim you as a dependent, you cannot get the

stimulus check.

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