Amidst a pandemic, it’s hard to think of tax relief as much of a positive. However, Congress and the IRS have given taxpayers a little less to worry about. Like everything else, the situation is in flux. Here are current highlights:
Most 2019 non-corporate income tax returns, along with any balance due, are delayed until July 15.
First-quarter estimated payments are delayed until July 15. Second-quarter estimated payments currently are still due on June 15. Expect that to change.
2019 IRA and Roth IRA contributions can be made up until July 15.
The stimulus package working its way through Congress would waive 2020 Required Minimum Distributions from IRAs and other retirement plans.
States have varied in their responses. New York has indicated it will follow federal changes. New Jersey has pushed back its filing deadline—but not the due date for payments—to June 30.
Contact us at 908-598-1717 or email@example.com for more information and or to arrange a complimentary consultation.
Note: Claire E. Toth, JD, MLT, CFP™, is Vice President and Chief Operating Officer at Point View Wealth Management, Inc., a registered investment advisor at 382 Springfield Ave., Summit. Visit us at ptview.com.
Point View Wealth Management is an SEC-registered investment adviser and part of Peapack Private Wealth Management. For over 25 years, Point View Wealth Management has been providing customized portfolio management services and comprehensive financial planning solutions for individuals and their families to develop and achieve their financial goals.
Point View Wealth Management is located at 382 Springfield Avenue, Suite 208, in Summit.