Resources for Individuals

Resources for Individuals

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Updates on Economic Impact Payments

The IRS began delivering the third round of Economic Impact Payments in early March, click here for more details from the IRS about the payment and how it is being delivered to individuals. 

The IRS began delivering the second round of Economic Impact Payments, with initial direct deposits and paper checks being mailed beginning on December 30, 2020, according to the IRS.  Visit the IRS's website for additional updates on the progress distribution of the Economic Impact Payments. Individuals who may not have received economic impact payments may be eligible to claim the Recovery Rebate Credit. Visit the IRS's Recovery Rebate Credit page to learn more. 

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:

The interest on federal student loans is set at 0% and are placed in forbearance (suspension of payments) until September 30, 2021. For more information visit the Department of Education website. Click here to learn more.