Stimulus checks are being sent out, the tax deadline has been extended to July 15th and here are some other bits of financial help that I want to pass along
401K and IRA withdraw penalty suspended: People under 59 1/2 years old can temporarily withdraw up to $100.000 from their 401K retirement plan without the 10% penalty if they can show they have experienced financial hardship due to the corona-virus. If the amount withdrawn is paid back within three years then no taxes will be owed on the amount borrowed from your account.
Seniors 72 and older do not have to take a required minimum distribution from their retirement accounts for the remainder of 2020 with the exception of ROTH IRAs.
Student loan payments and interest suspended: Federal student loan and PLUS loan payments and interest have been automatically suspended for six months until September 30, 2020. Interest on loans will again start to accrue after the six-month freeze.
Have any questions, give us a call here at Red Rock Tax & Consulting. We are here to help you get through the stress of taxes! We offer a free 30-minute consultation so call us and let’s get your appointment set up 435-635-2494
From all of us here at Red Rock Tax & Consulting we hope you have a spectacular day!
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