The IRS has issued the following new financial regulations which could have financial significance. Please review and share.
Federal and New York State tax filings for 2020 and payments can be delayed until July 15.
The IRS will be issuing stimulus checks, which will be non-taxable, nor do they have to be repaid. These payments are bade upon the following filing status and Adjusted Gross Incomes (AGI).
Single or filing separate return and AGI is below $75,000, stimulus check will be $1200.
Married filing joint return and AGI is below $150,000, stimulus check will be $2400.
Head of Household and AGI is below $150,000, stimulus check will be $1200.
For each dependent child under 16, an additional $500.
Requirement Minimum Distribution
The IRS has suspended distribution requirements for and Required Minimum Distributions for 2020. With the falling stock prices, this means that your portfolio will not be deleted as rapidly to meet your RMD requirements. Any RMD's already taken in 2020, must be included on your 2020 tax returns.
You should contact your financial adviser to discuss.