600 Sunland Park Dr.
In response to the COVID-19 pandemic, the IRS has extended the 2019 tax deadline to July 15 in 2020. Knowing when and what you have to file can save a lot of headaches at tax time, so we wanted to be sure you were aware of these updated dates as the time approaches. We realize that this filing extension along with other coronavirus-related legislation may create tax changes so we created this summary of the IRS deadline extension, along with some other “good to know” facts regarding how new rules may impact your 2019 and 2020 taxes.
2019 Federal Income Tax Filing Extension
2019 IRA and HSA Contribution Extensions - With the above 2019 federal tax filing deadline extension came the same July 15, 2020, deadline extension for making 2019 contributions to your IRAs and HSAs:
2020 Coronavirus-Related Distribution (CRD) Retirement Fund Withdrawals and Loans
2020 Required Minimum Distributions (RMDs) - The SECURE Act pushed back the age for which retirees need to take RMDs from 70½ to 72. These new 2020 rules below are now in place as well:
2020 Deductions - While the standard deduction for 2020 rises to $24,800 for married filing jointly, $12,400 for single taxpayers and those married filing separately and $18,650 for heads of households claiming the standard deduction, the CARES Act also provides these giving incentives for 2020:
2020 Stimulus Payments - The “Recovery Rebates” given out as part of CARES Act are considered an advance refundable tax credit on your 2020 taxes, meaning there are no taxes due on them. That money is all yours. Here are a few things to know:
If you have any questions pertaining to the information above, please don’t hesitate to reach out to us.
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Strategic Wealth Advisors
Terrace Gardens Office Park
600 Sunland Park, Building One, Ste 100
El Paso, Texas 79912
(915) 532-8885 Office
(915) 842-9532 Fax
Securities offered through Triad Advisors, LLC Member FINRA/SIPC. Advisory Services offered through Triad Hybrid Solutions LLC, a registered investment advisor. Strategic Wealth Advisors and Triad Advisors, LLC are not affiliated.
Strategic Wealth Advisors is independently owned and operated.