Life, as we knew it, has changed dramatically over the last two months.
Whether it’s scouring the stores for toilet paper (and settling for our least favorite brand), trying to navigate home schooling your children (without Netflix 101), or even worse, faced with the challenge of a job loss or business closure — I think we can all agree that life as we knew has changed.
In addition to the day-to-day obstacles in life, we have been bombarded with news and are trying to filter through what applies to each of us in our own unique circumstances.
On March 27, the Coronavirus, Aid, Relief and Economic Security (CARES) Act was signed into law. If you or someone you care about is trying to navigate financial decisions regarding IRAs and 401(k)s, the new landscape of legislation is good reason to consult a financial professional.
Here are some of the key provisions that may benefit you:
For Individuals
- Temporary Waiver of Required Minimum Distribution (RMDs) for 2020
- Penalty Free Distributions from IRAs and Certain Retirement Plans
- Student loan payment deferral
- Charitable contribution deduction increase
- Stimulus payments
For Businesses
- Delayed payment of some employment taxes
- Expanded use of Net Operating Losses (NOLs)
- Defined benefit plan funding requirements
- Charitable contribution deduction increase
If you would like to learn more about these provisions and how they might impact you, please call Frankie Jo Ceja at (480) 423-3007, email Frankiejo.ceja@wellsfargoadvisors.com, or visit home.wellsfargoadvisors.com/FrankieJo.Ceja.
Frankie Jo is a CFP ®, CDFA®, Financial Advisor of Sivertson – Ceja Financial Strategies Group of Wells Fargo Advisors.
This information is made available with the understanding that Wells Fargo Advisors and its affiliates are not engaged in rendering legal, accounting or tax advice. Please consult your tax and legal advisors before taking any action that may have tax or legal consequences, and to determine how the general information presented in this communication may apply to your own situation.
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