Coronavirus Stimulus 2.0

Bethesda Health | February 18, 2021

The Consolidated Appropriations Act, a.k.a. Coronavirus Stimulus 2.0, was signed into law in December 2020.  This Act expanded on the CARES Act, which was created to help people, businesses, and nonprofit organizations facing economic hardship during the coronavirus pandemic.

While much of the bill focuses on enhancements for struggling small businesses impacted by the pandemic, some of tax changes featured in Coronavirus Stimulus 2.0 may affect you.

However, Coronavirus Stimulus 2.0 does NOT extend the CARES ACT waiver for required minimum distributions (RMD) for the current tax year if you are 70 ½ or older. Therefore, if you are of RMD age in 2021, you must resume RMDs for 2021 and continue for every year after.  RMDs were waived for beneficiary IRAs as well in 2020, but will need to resume also in 2021 for certain beneficiaries.

Consult your tax advisor for more information about how the Coronavirus Stimulus 2.0 could potentially impact you.

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