Stimulus Update time! Remember when they said you’d get that money in 3 days? Yeah, I spilled my beer laughing. Then they said a week or so. Then they said by the end of the month. Well… If you e-filed your taxes before April 1st and got a refund via direct deposit, you’ve probably gotten your stimulus! If you e-filed before April 1st and owed and gave them bank info, you’ll probably get your stimulus this week. If you didn’t file before April 1st, but the IRS has your 2018 tax and bank info, you probably got your stimulus based on 2018 info. Everyone else, they’re gonna get to you eventually. They’re moving as fast as our gov’t can! Like, Woosh! Just keep checking the Get My Payment portal daily.
And now a few CARES Act quick notes:
- The Stimulus $$ is not taxable!
- They care about our votes if nothing else!
- Everyone can deduct $300 of charitable cash contributions next year, even if you don’t itemize!
- There is no 10% penalty for early withdrawal from retirement accounts in 2020 (up to $100,000), though you will still get taxed on the distribution but you can pay the tax a bit at a time over the next 5 years.
- People required to take an RMD (Required Minimum Distributions – you know if you are) do NOT have to take one in 2020. If you don’t need the money, leave it in your retirement account!
As always, please email or call us if you have any questions or need to know how killing the spouse you’ve been locked indoors with for a month will affect your taxes.