Resources for Individuals
Resources for Individuals
Thank you for visiting my website for the latest information. To stay up-to-date on my work in the district and Washington, be sure to follow me on Facebook and Twitter. You can also subscribe to my periodic eNewsletter by clicking here.
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.
The payments will be issued via direct deposit to the bank account included on your 2019 tax return, or your 2018 tax return if you have not filed your 2019 return yet.
For those who have not provided the IRS with their direct deposit information via tax return, a web portal has been developed to track your payment, update your banking information and to answer any questions you may have. Click here to visit the IRS's web portal.
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.