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COVID-19 WEBINAR: THE FIRST STIMULUS BILL
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When? This feed was archived on August 24, 2023 21:27 (). Last successful fetch was on January 23, 2023 10:06 ()
Why? Inactive feed status. Our servers were unable to retrieve a valid podcast feed for a sustained period.
What now? You might be able to find a more up-to-date version using the search function. This series will no longer be checked for updates. If you believe this to be in error, please check if the publisher's feed link below is valid and contact support to request the feed be restored or if you have any other concerns about this.
Manage episode 258048149 series 2087521
COVID-19 Webinar: The First Stimulus Bill
- Families earning up to $150,000 will receive a $2,400 check or direct deposit to your checking account if you pay your taxes electronically. That should come in the next three weeks.
- Individuals on Social Security will also receive those disbursements—in the amount of $1200.
- The stimulus relaxed the rules for IRA withdrawals
- It expanded 401(k) loans.
- And removed the Required Minimum Distributions (RMDs).
- It waived payments on student loans and suspended interest until September 30th.
- Also, unemployment benefits will increase by $600 per week over the next four months.
- The stimulus package also earmarked $500 billion to help distressed big businesses.
- $349 billion has been set aside for small business relief.
More detail on some of the above points:
- You are able to withdraw $100,000 from your IRA. You are able to repay it over three years without incurring any penalties or tax payments. Watch to the webinar for the pros and cons.
- Typically you can borrow $50,000 from your 401(k) and repay it over five years. Now you can borrow $100,000 and pay it within three years with zero tax liability. Watch the webinar for the potential repercussions.
- In 2019 the Secure Act raised the age for Required Minimum Distributions to 72 (from 70 ½). It set a 50% penalty plus taxation on your distributions.
Plus:
- Additionally, small businesses can get a loan of 2 ½ times their monthly businesses expenses. This includes payroll, employee healthcare, mortgage/rent, utilities, and debt. Watch the webinar to get links to the best Small Business Administration banks.
- Also, employers can defer their FICA payments.
- Also, employers get a tax credit against the Social Security tax equal to the Sick and Family Leave payment.
- People who work for small businesses and have worked for at least 30 days, can take 12 weeks of job-protected leave.
The post COVID-19 WEBINAR: THE FIRST STIMULUS BILL appeared first on Smallwood Wealth Management.
49 episodes
Archived series ("Inactive feed" status)
When? This feed was archived on August 24, 2023 21:27 (). Last successful fetch was on January 23, 2023 10:06 ()
Why? Inactive feed status. Our servers were unable to retrieve a valid podcast feed for a sustained period.
What now? You might be able to find a more up-to-date version using the search function. This series will no longer be checked for updates. If you believe this to be in error, please check if the publisher's feed link below is valid and contact support to request the feed be restored or if you have any other concerns about this.
Manage episode 258048149 series 2087521
COVID-19 Webinar: The First Stimulus Bill
- Families earning up to $150,000 will receive a $2,400 check or direct deposit to your checking account if you pay your taxes electronically. That should come in the next three weeks.
- Individuals on Social Security will also receive those disbursements—in the amount of $1200.
- The stimulus relaxed the rules for IRA withdrawals
- It expanded 401(k) loans.
- And removed the Required Minimum Distributions (RMDs).
- It waived payments on student loans and suspended interest until September 30th.
- Also, unemployment benefits will increase by $600 per week over the next four months.
- The stimulus package also earmarked $500 billion to help distressed big businesses.
- $349 billion has been set aside for small business relief.
More detail on some of the above points:
- You are able to withdraw $100,000 from your IRA. You are able to repay it over three years without incurring any penalties or tax payments. Watch to the webinar for the pros and cons.
- Typically you can borrow $50,000 from your 401(k) and repay it over five years. Now you can borrow $100,000 and pay it within three years with zero tax liability. Watch the webinar for the potential repercussions.
- In 2019 the Secure Act raised the age for Required Minimum Distributions to 72 (from 70 ½). It set a 50% penalty plus taxation on your distributions.
Plus:
- Additionally, small businesses can get a loan of 2 ½ times their monthly businesses expenses. This includes payroll, employee healthcare, mortgage/rent, utilities, and debt. Watch the webinar to get links to the best Small Business Administration banks.
- Also, employers can defer their FICA payments.
- Also, employers get a tax credit against the Social Security tax equal to the Sick and Family Leave payment.
- People who work for small businesses and have worked for at least 30 days, can take 12 weeks of job-protected leave.
The post COVID-19 WEBINAR: THE FIRST STIMULUS BILL appeared first on Smallwood Wealth Management.
49 episodes
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