Coronavirus Aid, Relief, and Economic Security Act (Selected Highlights)

Adler & Adler, PLLC Team

Stimulus Payments: Up to $1,200 per person ($2,400 married joint) and $500 per child under 17. Eligibility is based on 2019 tax filing (2018 if not filed 2019).

  • Income limits are $75,000 and $150,000, respectively for single and joint returns; total phaseout at $99,000 and $198,000 (limits increase by $10,000 for each child a taxpayer has). For head of household filing status income limits are $112,500; phaseout at $146,500 with one child.
  • Dependents of another are not entitled to stimulus payments.
  • Applies to taxpayers that receive social security, retirement and disability checks, unemployed people and veterans.
  • If a taxpayer does not qualify for a full stimulus payment based on their 2018 or 2019 tax return, they may still be eligible to receive a credit on their 2020 tax return if the taxpayer’s income levels decrease to a level that makes them eligible.

Tax Payment Due Dates: 2019 income tax returns and respective payments are due July 15, 2020. There is no cap on the amount of payments that can be postponed. First quarter 2020 estimated tax payments are also due July 15, 2020. Second quarter 2020 estimated tax payments are still due June 15, 2020.

2019 IRA & HSA Funding Due Date: July 15, 2020.

Retirement Accounts: The 10 percent early withdrawal penalty on retirement account distributions is waived for taxpayers facing virus-related challenges.

Required Minimum Distributions (“RMD”) – RMD’s are suspended for 2020.

Social Security Payments Due for Self-Employed Individuals: Self-employed individuals may defer 50% of their Social Security taxes that are incurred beginning March 27, 2020 through December 31, 2020. The payment may be deferred into equal installments due on December 31, 2021 and December 31, 2022. Defined Benefit Plan Contributions: Single-employer defined benefit plans with payments due in 2020 can defer payment until January 1, 2021. Interest will be due on the delayed contributions.

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