How the CARES Act May Affect Your Family

Steven Fronrath Uncategorized

We’ve compiled a list of some resources that are available through the CARES Act, that was passed into law on March 27, 2020. Here are some highlights on some areas that may impact your family:

  • Stimulus Checks: Provides all U.S. residents with an adjusted gross income of $75,000 or less, $1,200 for singles and heads of households ($2,400 for married couples filing joints returns). Those with children are eligible to receive an additional $500 per child.
  • Unemployment: Expands eligibility to include self-employed individuals / independent contractors and increases the maximum amount available by $600 per week.
  • Required Minimum Distributions (RMDs): RMDs for 2020 are waived completely for IRAs and DC plans. They do not need to be made up next year.

There are additional tools available for retirement plan withdrawals and small business assistance. You can find out more in the documents below or by reaching out to our office.