FIDELITY: 9 things to know about the COVID-19 stimulus bills
March 27, 2020 from Fidelity
Sharing some perspective from our Fidelity resources. Knowledge is empowering and can support you in remaining focused on your goals.
"9 things to know about the COVID-19 stimulus bills. Learn about the help provided to individuals and businesses affected by COVID-19"
- The federal income tax deadline for filing 2019 tax returns has changed from April 15 to July 15, 2020. The deadline for making 2019 IRA and HSA contributions has also been moved to July 15, 2020.
- Required minimum distributions (RMDs) from some retirement accounts for 2020 have been waived.
- The 10% early withdrawal penalty will be waived on aggregate distributions of up to $100,000 from certain workplace retirement plans and individual retirement accounts (IRAs) for COVID-19-related purposes. The individual can elect to pay the federal income tax on the distribution over 3 years or has the option to repay the distribution within a 3-year period to an eligible retirement plan.
- Recent legislation included several provisions aimed at helping student loan borrowers and students who receive financial aid.
Please connect with us should you or a member of your family like to review your approach or check in for some peace of mind.