March 28, 2020

2020 – 03/27

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) has passed the Senate and, as of this writing, awaits a vote in the House. The bill contains several provisions that address the burdens on individuals as a result of the coronavirus (COVID-19) pandemic. Among other things, it provides recovery rebates of up to $1,200 for singles and $2,400 for married couples filing jointly (plus $500 per qualifying child) subject to income-based phaseouts; waives the 10% penalty tax on early retirement account withdrawals for coronavirus-related distributions; and temporarily waives the required minimum distribution rules for certain retirement accounts.