Changes Due to the COVID-19 Pandemic
Direct Payments to Individuals
Many Americans will receive $1,200 ($2,400 for married couples) and parents will receive an additional $500 for each child under age 17.
However, the payments will be decreased for individuals with adjusted gross incomes of $75,000-$99,000 (these thresholds are doubled for couples).
Federal Income Tax, IRA, and HSA Extensions
Federal income tax return filing deadlines have been postponed to July 15, 2020. In addition, the deadline for making 2019 contributions to Traditional and Roth IRAs and Health Savings Accounts (HSAs) has also been extended to July 15, 2020.
Student Loan Relief
Additionally, many of your clients may receive some student loan relief. The U.S. Department of Education implemented two changes to rules regarding student loans:
Interest Waiver – All borrowers with eligible federal student loans will automatically have their interest rates set to 0% for a period of at least 60 days* beginning March 13, 2020.
Suspension Period – Borrowers will also have the option to temporarily suspend their student loan payments. This administrative forbearance period will last for at least 60 days* from March 13, 2020.
Security Benefit remains committed to you during these challenging times. For more information, contact your financial professional or Security Benefit at 800.888.2461.
*The U.S. Department of Education may extend this period, depending on the status of the COVID-19 national emergency at the end of the 60-day period.
Security Benefit does not provide accounting, legal, or tax advice and nothing contained herein should be construed as such advice. Please consult your own accounting, legal, or tax advisor.