CARES ACT INDIVIDUAL HELP

CARES Act put into law today 3/27/2020, here is brief over view for individuals. Many YouTube videos of mine on the CARE Act at this playlist: 

CLICK HERE FOR SPECIAL YouTube PLAYLIST ON THE CARES ACT.

 

*Rebate checks to be distributed to U.S. taxpayers of up to $1,200 and an additional $500 for every child, based on 2019 tax returns, if filed, or 2018 tax returns. Checks are expected within weeks and, if you have your bank information in your latest filed federal income tax returns, the appropriate amount will be electronically deposited.

 

*Unemployment extended for an average of 4 months.

 

*Mortgage relief for skipping payments or forbearance for borrowers insured by government agencies.

 

*Creates an above the line deduction for charitable contributions up to $300.

 

*Certain employer payments of student loans on behalf of employees are excludable from taxable income of the individuals, up to $5,250 annually.

 

*Federal student loans to pause monthly payments through 9/30/20 without any interest accruing.

 

*REAL ID Act delayed until at least September 30, 2021.

 

*Over-the-counter medical products become permissible expenditures for funds in HSAs.

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