I have reviewed the act and am listing a few of the features that may be of interest.
The stimulus checks will be considered REBATES. The rebates will not be included in your 2020 Gross Income. The checks will be provided to individuals with 2019 adjusted gross incomes below $75,000. and joint filing taxpayer’s with incomes below $150,000. There are adjustments until you reach $99,000 for singles or $198,000 for joint filers. The is NO minimum income, therefore, folks that only receive social security benefits will receive the rebate.
Some of the benefits of this act are deferments NOT rebates. The deferment will help at the present time, however, at a future date the deferment will need to be paid. The deferments include employer’s portion of the 6.2% social security tax. The amount deferred in 2020 will be payable in 2021 and/or 2022.
Most of the refundable credits pertain to businesses that have employees. Note that employers are allowed to pay up to $2500. of their employee’s student loan payments and the act excludes these amounts paid from the employee’s gross income in 2020.
For retirees; your RMD (Required Minimum Distribution) has been waived for 2020. If you need the funds you can take the amount needed not necessarily the entire required minimum amount as in the past.
There are several other parts to the act. I have only addressed a few that effect the majority of citizens.
From my research the act will help both individuals who need the assistance and those who are able to only use portions of the benefits provided.
The act covers a board spectrum of issues. Some of the requirements entail filling out forms and forwarding past and current financial information to government agencies and local loaning agencies.
If you need help I am here to be of assistance. Together we can get through this current situation; just proceed with care and caution.