Resources for Individuals
Resources for Individuals
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CDC Guidelines on Reopening
Updates on Economic Impact Payments
Included in the CARES Act, are direct economic impact payments to hardworking American families.
Individuals will receive a one-time payment of $1,200 and $500 per child to those with a valid Social Security number. The full payment amount is available for those with incomes at or below $75,000 for individuals, $112,500 for head of household, and $150,000 for married couples. These economic impact payments will be fully phased out for individuals making $99,000 and for couples making $198,000.
The IRS has now indicated that Social Security recipients who may not have filed taxes for 2019, will now automatically receive the economic impact payment the same way they normally receive their Social Security Benefits. Click here to visit the IRS website to learn more.
People are receiving their Economic Impact Payments in three ways: via direct deposit, check or by debit card which you will receive in the mail with instructions on how to retrieve the funds. If you have yet to receive your payment you can visit IRS.GOV/get-my-payment. Once there, click on ‘get my payment’, input your information and the IRS will update you on the status.
To date, the IRS has distributed over 120 million Economic Impact Payments by direct deposit, 35 million by check and 4 million in the form of the pre-paid debit card.
There are still many individuals who may not regularly file taxes who are eligible to receive this benefit. Those who are eligible need to provide information to the IRS via the Non-Filers tool on the IRS website.
For a full list of questions and answers regarding the status of your EIP visit the IRS website.
Information on Mandatory Minimum Distributions for 2020
For seniors, mandatory minimum distributions from their retirement accounts would be able to keep their capital invested instead of being forced to cash out to draw on that capital without penalty, which would be suspending for 2020. Similarly, the bill also waives the 10% penalty on coronavirus-related early distributions from 401(k)s and IRAs, which applies to distributions made at any time during 2020.
Information for Student Loan Borrowers:
Included in the CARES Act, are provisions aimed at reducing the severity that COVID-19 will have on individuals with federal student loans.
For example, the interest on federal student loans is set at 0% and are placed in forbearance (suspension of payments) until September 30, 2020. For more information visit the Department of Education website with Q&As regarding the student loan provisions in the CARES Act. Click here to learn more.
Updates from the Pennsylvania Department of Revenue:
The state Department of Revenue has announced many actions in support of taxpayers as a result of COVID-19. Please visit the PA Department of Revenue's website by clicking here.
A brief summary of potential actions to support taxpayers is listed below:
- Pause payments for existing payment plans upon requests from taxpayers.
- Provide flexible terms for new payment plans.
- Work to boost customer service for taxpayers impacted by the pandemic.
- Suspend or reduce automatic enforcement actions regarding liens, wage garnishments, bank attachments, license inspections, requirements for tax clearances and use of private collection agencies.
- Suspend the creation of new desk reviews and field audits in most cases.
- Suspend in-person meetings with taxpayers in most cases.
- Broaden audit penalty abatement and interest relief.
- Continue to administer tax credit and incentive programs.
- Abate penalties in most cases if taxpayers have remitted trust fund taxes they collected.