Episode Synopsis "Hardship due to Coronavirus outbreak? These tax breaks are for you and they are being overlooked."

In response to the Coronavirus outbreak, the “CARES” act was made into law to help stabilize the economy. Much of the CARES act is dedicated to providing stimulus to small businesses, however being often overlooked is the tax break provisions for individuals. In summary, this podcast will discuss the following tax breaks you should consider taking advantage of: 1. Suspension of RMDs for 2020, 2. Extension of deadline to July 15, 2020 for filing taxes and making IRA or Roth IRA contributions, 3. Removing the 10% early withdrawal penalty on distributions up to $100,000 during 2020, 4. Ability to repay early withdrawals within a 3 year period, 5. Income tax on virus related withdrawals can be spread over a three year period, 6. In-service distributions from retirement plans are permitted for ALL participants, 7. Increased retirement plan loan limits from $50,000 or 50% of the vested balance to $100,000 or 100% of the vested balance through the end of 2020, 8. For existing loans, qualified individuals can delay repayment of the loan. Congress defines “directly affected” as an individual, and individual’s spouse or a defendant who has been diagnosed with COVID-19, or experienced adverse financial consequences as a result of being quarantined, furloughed, laid off or having work hours reduced due to COVID-19. Also eligible are individuals who were unable to work due to lack of childcare as a result of COVID-19. An individual whose business was closed or had reduced operating hours as a result of COVID-19 is also eligible. Please contact is regarding your options at 770-622-9145 or email us at [email protected]. We will build your a customized retirement plan and see which of these individual tax breaks would make sense for you.

Listen "Hardship due to Coronavirus outbreak? These tax breaks are for you and they are being overlooked."

More episodes of the podcast Woody CPA Wealth Advisors - Greatest Stock Market Opportunity Ever

• Part 2 of 3 Chances are that you will live a lot longer than you think. But how will you pay for it?
• Part 1 of 3 - The Financial Challenges of Living Longer & How to Ensure Your Money Lasts.
• Not Having a Strategy to Withdraw Money From Your IRA or 401K is a Huge Tax Trap Waiting to Happen!
• Hardship due to Coronavirus outbreak? These tax breaks are for you and they are being overlooked.
• Learn 7 steps to achieve financial independence (especially at or near retirement).
• Woody CPA Wealth Advisors - Greatest Stock Market Opportunity Ever (Trailer)
• Woody - CPA Wealth Advisors - World Wide Economy Shutdown - Portfolio-What You Should Do Right Now