The federal government also has several programs in the works to help small-business owners and their employees. (Savers who are older than 59½ are also eligible to take advantage of the three-year tax deferral/payback provision.) Again, this is a hardship distribution, and should be used only as a last resort by those who are truly strapped for cash. Or, they can replace the funds within three years without worrying about the annual cap on contributions. They’ll still have to pay income taxes on any withdrawals, but under this provision, they can stretch those taxes over three years instead of paying them all in one year.
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Of course, procrastination isn’t the best move for everyone: If you expect a refund and need the money, why wait? And while the IRS pushed back deadlines for federal taxes, some state tax deadlines - including Idaho, Mississippi and Virginia - are earlier. Businesses and self-employed workers also will have until July 15 to file the first installment of their quarterly estimated taxes. During that deferral period, they won’t be subject to interest and penalties. Tax deadlinesĪnyone who hasn’t yet filed a federal income tax return will have until July 15 to file. If you haven’t been impacted financially, you might decide to keep the money for an emergency fund, donate it to charity (more on that below), or invest it - carefully and deliberately - for your future needs. The checks are expected to be a lifeline for families whose income has been negatively affected by the coronavirus. And, yes, those who receive Social Security benefits qualify. Payments will be based on your 2019 tax return, or your 2018 return if you haven’t yet filed for 2019. (To see how big your check will be, try our Stimulus Check Calculator.) The rebate drops by $5 for every $100 of income over those thresholds, and some may not receive a payment at all.
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The threshold for married couples who file a joint return is $150,000 and for heads of household the threshold is $112,500. Individuals who make up to $75,000 will receive $1,200 checks, and $500 for each child under 17 years old. The aid is intended to help low- and moderate-income families, so payments are based on each household’s adjusted gross income. Stimulus checks, which are being treated as a tax rebate, are expected to go to those who are eligible within the next few weeks. Stimulus paymentsįor families in need, this is huge. Following are some of the steps that are being taken to help workers, retirees and small businesses in 2020. The situation is fluid, and the details are still being nailed down. In March, President Trump signed into law a historic $2.2 trillion relief package known as the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which includes several measures aimed at helping Americans deal with the financial fallout as global markets reel and employers are forced to lay off employees or close. With fears escalating over issues that could evolve from a recession, the pandemic could have serious long-range economic implications. The impact of the coronavirus already has been significant.
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