Most people will not need to do anything to receive the “Economic Impact Payment to Taxpayers.” The IRS is sent out a one-time payment to individuals and families to help replace lost wages in the short term.
From the all-time high in the stock market on February 19th to the low for 2020 on March 23rd, the market lost 33.9% of its value. Never has the market declined that much in such a short time.
The IRS announced on March 21, 2020 that the 2019 federal tax filing deadline is extended from April 15 to July 15, 2020.
The CARES Act, which was signed into law on Friday, March 27, 2020, provides broad relief to IRA owners over 70 ½ who normally are required to take a minimum distribution from retirement accounts annually.
When the news of the coronavirus broke in late January that was a catalyst for a decline and the market lost all the January gains and ended the month flat.
For taxpayers who are 70 ½ and older, you can take the Standard Deduction when you file your taxes and still benefit from your charitable giving.