The CARES Act: The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provides the following relief for individuals:
- Every adult will receive $1,200 and every child will receive $500*.
- *These payments will phase out for individuals with annual income up to $75,000
- *These payments will be completely phased out for individuals with annual income over $99,000 and couples with income over $198,000.
- Annual incomes are based on 2018 or 2019 tax filings.
- Required minimum distributions are waived for 2020.
- For retirement plan hardship withdrawals and loans:
- Early-withdrawal penalties waived on retirement accounts up to $100,000.
- Loans from certain retirement plans increased from $50,000 to $100,000 and borrowers may skip payments due in 2020.
- Unemployment insurance coverage is expanded from 3 months to 4.
- Each recipient will receive an additional $600 per week in unemployment insurance.
- Part-time, gig workers, freelancers, and contractors are eligible for unemployment benefits through the end of 2020.
- The deadline for filing and payment of 2019 federal income taxes has been extended to July 15, 2020.
- The deadline for filing and payment of 2019 federal gift taxes has been extended to July 15, 2020.
- The deadline to make 2019 contributions to IRAs has been extended to July 15,2020.
- The deadline to make 2019 contributions to health savings accounts (HSAs) has been extended to July 15, 2020.
- Employers can provide up to $5,250 in tax-free student loan repayment benefits.
- Payments and interest on federal student loans is suspended for 6 months.
- Students who are forced to withdraw from school due to the outbreak may have the portion of their loan covering that semester canceled.
- All private insurance plans must cover COVID-19 treatments and vaccine
- All coronavirus tests must be free.
- For 2020, a charitable deduction of up to $300 is permitted to all taxpayers who take the standard deduction or itemize.
- For 2020, the 60% of adjusted gross income limitations on deductions for charitable contributions is suspended.
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