Money Talks

UPDATE: Read host Ryder Taff's blog post about oil prices going negative https://newper.blogspot.com/2020/04/free-oil.html

The official name for the COVID-19 stimulus checks is the Economic Impact Payment. Have you gotten your check yet?

Want to see when you should get your check? Get My Payment is helping millions of taxpayers. Since its launch on April 15, millions of taxpayers have been able to input their direct deposit information to speed—and track—their payments. The IRS reminds taxpayers the information is updated once daily, usually overnight, so they only need to check the application once a day. www.irs.gov/getmypaymentfaq

Need to give your payment information to the IRS? www.irs.gov/getmypaymentfaq

Have you filed and paid your personal income taxes yet? The Mississippi Department of Revenue extended Income tax due dates, including estimated payments, to Friday, May 15th, 2020. The deadlines to FILE and PAY federal income taxes are extended to July 15, 2020.

For the calendar year 2020, no one will have to take a required minimum distribution from any individual retirement accounts or workplace retirement savings plans, like a 401(k). That way, you aren’t forced to sell investments that may have fallen in value, which would lock in losses. If you don’t need the money now, you can let the investments sit and hope that they recover.

You can withdraw up to $100,000 this year from your IRA that you are contributing to without the usual 10 percent penalty, as long as it’s because of the outbreak. You will also be able to spread out any income taxes that you owe over three years from the date you took the distribution. And if you want, you could put the money back into the account before those three years are up, even though the rules may normally keep you from making a contribution that large.

https://www.npr.org/2020/03/26/821457551/whats-inside-the-senate-s-2-trillion-coronavirus-aid-package

Calls concerned:

• inheritance check
• EIP check
• IRS non filer
• EIP and college kids
• moving money from IRA to a Roth IRA
• Social Security recipients getting checks
• Small businesses
• email - parent who was a dependent in the past
• Self employed
• Required minimum distributions