The U.S. government has recently taken a number of tax-related measures in response to the coronavirus pandemic. The three largest are below:
(1) Individual taxpayers will receive a one-time direct deposit of up to $1,200 and married couples will receive $2,400 (plus $500 per child). The payments will be available for incomes up to $75,000 for individuals and $150,000 for married couples.
(2) The federal income tax filing deadline has been pushed back to July 15th. This means that you will have an additional three months to file your federal returns and pay your taxes. The rules for state income taxes vary.
(3) Required Minimum Distributions (RMDs) are not required in 2020.
If you would like additional information to include state-specific details, please visit this website.