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Covid 19 relief funds for individuals
Covid 19 relief funds for individuals. You can apply and seek for Covid 19 relief funds for individuals. The requirement and all you need is detailed below.
The question is How can I access the relief offerings? Well, there are few things you may need to know. There is direct relief payment but we want to concentrate on
Direct Relief Payments
The Coronavirus Aid, Relief and Economic Security (CARES) Act provides for the payment of up to $1,200 plus an extra $500 per child for qualifying individuals. Married couples can receive up to $2,400. These relief payments, commonly called stimulus checks, are lower for individuals who earn more than $75,000 and married couples who earn more than $150,000. The amount is reduced by $5 for each $100 above the threshold. According to the IRS, some payments could be delayed until September. If you haven’t yet received your payment, you can check the IRS’ Get My Payment page to check the status. Keep in mind, the IRS will send your check to the address it has on file if you haven’t provided direct deposit information. And, if you’ve moved since you last filed and haven’t notified them, your payment may be delayed even longer.
If you haven’t filed your 2018 or 2019 federal income tax return, you may still be eligible for a payment. You have until July 15 to file. For those not required to file a tax return, you can check the Non-Filers page for eligibility information and instructions. You can find more details on the IRS Tax Relief and Economic Impact Payments page.
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Tax, Retirement and Education Savings Relief
The Internal Revenue Service (IRS) is providing several relief options.
Filing Extension. Since the IRS extended the deadline to file federal income tax returns until July 15, taxpayers who owe money can defer their payments until then, without penalties and interest. Not sure you’ll be ready by July 15? You can request an extension on Form 4868 through your tax professional, tax software or the IRS Free File page.
Individual Retirement Account (IRA) and Educational Savings Account (ESA) changes. Since the deadline for filing your tax return is now July 15, that means you now have until then to make IRA and ESA contributions for 2019.
And, you may be able to withdraw up to $100,000 from your IRA or ESA between Jan. 1 and Dec. 31 without paying a 10 percent penalty, even if you’re not 59½. You qualify if:
- you or your spouse is diagnosed with COVID-19 or SARS-CoV-2 in an approved test; or
- you’ve suffered financially (e.g., can’t work because of no childcare, had work hours reduced, furloughed, lost your job, business closed)
Income taxes for these distributions will still be due, but you can pay them over 3 years.
