Recently, the Federal government has taken several actions in response to the Coronavirus crisis. On March 27, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which impacts Required Minimum Distributions (RMDs) for 2020 and provides financial relief for Americans. The IRS also made changes to tax filing deadlines.
Here are the items of which we want to make you aware:
- --Both Federal and State of Wisconsin tax filing deadlines: July 15, 2020
- --Deadline for making 2019 Traditional and Roth IRA contributions: July 15, 2020
- --2020 RMDs waived
- --Stimulus checks will be issued for those who are current with taxes through 2018. You can use this calculator to determine how much you will be receiving: https://www.omnicalculator.com/finance/stimulus-payment
If you are experiencing financial hardship, there are now ways to access retirement account funds without penalties. Please consult with us if needed to discuss these options.
As always, please call with any questions or concerns