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I will try to summarize the most relevant to your financial planning.  I am reviewing opportunities, but if something resonates with you, please don’t hesitate to reach out.

  • Recovery rebates - Subject to income phaseouts, but for many people - $1200 for individuals, $2400 for married couples, and an additional $500 per child under 17.   There are some income limits in place.   For single filers, the checks begin to phase out at $75,000 of adjusted gross income, for married, filing joint it’s $150,000.  They will look at your most recently filed tax return, so if you haven’t filed 2019 yet, AND your income has dropped, you should file as soon as possible.   
    1. If your 2019 income ends up to be higher than the phaseout, and you’ve already received your check, it is my understanding that you will not be asked to pay it back.
    2. It will be directed deposited to the bank account on file – this could be from your 2018 tax filing, so check your records.
    3. Seniors already taking Social Security will receive the stimulus check to their bank account where they currently receive the SS income.
  • RMD’s waived in 2020
    1. Traditional and inherited IRA Required Minimum Distributions are waived for 2020
    2. If you don’t need the money for living expenses, we may look at expanded ROTH conversions in 2020.  The market drop gives us some opportunities to convert more shares of investments in your regular IRA to your ROTH IRA.  
  • Federal Student Loan Payments
    1. No payments required until 9/30/20
    2. No interest will accrue during the interim
    3. Will still count towards loan forgiveness programs
    4. You have to contact your loan servicer; this is not automatic
  • Medical expenses
    1. Definition of expenses for FSA and HSA’s has been expanded to include over the counter medicines
    2. Medicare Part D recipients can request up to 90 day supply of medication to avoid excessive trips to the pharmacy
  • Small business loans
    1. There are numerous provisions for SBA loans to assist small business struggling to meet payroll and with other expenses.
    2. Contact me if you need details on this.