TWAG 101 - SECURE AND CARES Act
There have been some big changes with the CARES Act and the SECURE Act, and we wanted to make sure you are aware of them.
Some of the bigger changes are listed below:
Required Minimum Distributions (RMD)
You do not have to take a Required Minimum Distribution (RMD) in 2020.
If you haven't already started drawing your RMD's, the new age to start taking the is age 72.
The tax filing deadline that is normally April 15th has been extended to July 15th.
You can file your taxes now if you want but you are not obligated to pay any amount that you may owe until July 15th.
You can fund your Traditional or Roth IRA through July 15th, also.
Every single person who makes less than $99,000 on 2018’s tax return is eligible
Under $75,000 Adjusted Gross Income earners get the full $1,200
Between $75,000 and $99,000 will be prorated
For married couples you double those numbers
You will get an additional $500 for each dependent under the age of 17
If you haven’t filed taxes for 2018, you can still do that…quickly.
Checks will start to go out in the 3rd to 4th week of April
We are here working for you and available by phone, email, or web meeting. We are still in the office if you need to drop items off or pick items up.
We are currently practicing the “Social Distancing” policies that our government leaders have asked us to use. Because of this, we are not having “in-person” meetings until these policies change. Currently these policies extend until the end of April.
Please let us know if you have questions or need guidance during these times. We are confident that we can still help you through any of your questions and needs!
Your Team at True Wealth Advisors