Do You Have Stimulus Questions? Wonder How Much You Will Receive This Time?

economic impact payment stimulus child support

No Economic Impact Payment in 2020? You May be Eligible to Claim the Recovery Credit Rebate

Will Child Support And Delinquint Federal Debt Offset My Coronavirus Stimulus Check?

The U.S. House of Representatives passed a budget reconciliation bill that contains President Biden’s $1.9 trillion COVID-relief package on February 27th. That bill would authorize another round of $1,400 stimulus checks for each eligible person, $2,800 for eligible couples, plus an additional $1,400 for each dependent. The bill was sent to the Senate for their approval. The initial House Bill provisions are being changed as this article is posted, including tightening up the income eligibility amounts. The Democrats HOPE to have a final COVID-19 Relief bill passed by BOTH chambers no later than mid-March.

FREQUENT QUESTIONS WE RECEIVE ABOUT THE CORONAVIRUS RESPONSE and RELIEF SUPPLEMENTAL APPROPRIATIONS ACT OF 2021 AT HOLZFASTER, CECIL, McKNIGHT & MUES

Here are some Q and A’s from the various IRS Websites which we found that we thought might be helpful.… View Full Article → “Do You Have Stimulus Questions? Wonder How Much You Will Receive This Time?”

LEGAL ALERT: Need Money? The CARES Act Changed the Rules about 401(k) Withdrawals through Year End

Alert Key Legal Update

New CARES Act Provision Allows Early Retirement Money Withdrawl From Retirement Account Without Penality During COVID-19 Pandemic

Are you aware that the CARES Act  made significant changes to the rules about withdrawing money from accounts? If COVID-19 and the pandemic has created an extreme hardship on your financial situation, you MAY have an option that you have not yet considered – but only through the end of 2020. Not many Americans have taken advantage of this new provision thus far.

As you may know, the general rule was that, you couldn’t take money out of your retirement accounts before you were 59 1/2 without incurring an “early withdrawal” charge or penalty. That 10% tax penalty was included by the IRS to discourage folks from taking money  out of their retirements early.

CARES Act Changes:
  1. If you meet the criteria, you may withdraw up to $100,000 per person from certain qualifying retirement  accounts without owing the 10% penalty.
… View Full Article → “LEGAL ALERT: Need Money? The CARES Act Changed the Rules about 401(k) Withdrawals through Year End”