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

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.

ADLER & ADLER,PLLC

1180 6th Avenue

8th Floor

New York, New York 10036

Wills, Trusts & Estates 

Call For Consultation: 212-843-4059

30 years of

EXPERIENCE

We also see clients in Westchester (White Plains)  

and Long Island (Garden City). 

Adler & Adler celebrating 30 years of succesful law practice
Top attorney Robert Adler gets highest rating from Avvo.

Serving New York State: New York City including Manhattan (New York County); Brooklyn (Kings County); Bronx; Queens; Staten Island (Richmond County); Long Island (Nassau County and Suffolk County); Westchester County and Rockland County.

​​​​ © 2019 Adler & Adler, PLLC - Attorney Advertising.  The content on this site does not constitute legal advice. There is no attorney-client relationship created through the presentation of this website or your sending us any information about your activities or needs. The commencement of an attorney-client relationship requires  our mutual written agreement on terms of engagement.