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  Q-and-A: MOAA Board Chair on 2020 and Beyond By: Amanda Dolasinski OCTOBER 28,...
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Georgia MOAA Message

CliffsNotes for the CARES Act 
From the MOAA Financial Education Team 
 
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) key individual provisions. 
 
Do not expect any payment prior to mid-April. Processes must be developed. 
 
Stimulus $$ 
• Individuals with adjusted gross income (AGI) less than $75,000 • Couples less than $150,000

• Individuals: $1200 Couples: $2400

• Parents will also receive $500 for each child under 17

• Payments will decrease for AGI above $75K/$150K and will be $0 for AGI above $99/$198K

• Government will use 2019 tax return if already submitted, otherwise it will use 2018 as a reference.** • Adjusted gross income: In the United States income tax system, adjusted gross income is an individual's total gross income minus specific deductions. Taxable income is adjusted gross income minus allowances for personal exemptions and itemized deductions. For most individual tax purposes, AGI is more relevant than gross income. 
 
**Veterans only on VA tax-free disability compensation and/or those on Social Security will also be eligible. The Treasury/IRS will work with the VA and Social Security to identify people on those payment programs. 
 
Tax filing extension 
• The federal filing deadline has been extended to July 15. • The IRS also says that people who have filed or plan can expect to receive a refund if they are owed one. • States must determine their own tax laws and policies. Check with your state for its income tax deadline. 
 
Retirement Accounts 
  
• Waives the 10 percent early withdrawal penalty on retirement account distributions for taxpayers facing virus-related challenges. • Withdrawn amounts are taxable over three years, but taxpayers can recontribute the withdrawn funds into their retirement accounts for three years without affecting retirement account caps. • Eligible retirement accounts include individual retirement accounts (IRAs), 401Ks and other qualified trusts, certain deferred compensation plans, and qualified annuities. • Waives Required Minimum Distribution rules for certain retirement plans in calendar year 2020. 
 
Unemployment assistance 
• States will continue to pay unemployment to people who qualify • CARE bill adds $600 per week from the federal government on top of whatever base amount a worker receives from the state. • This boosted payment will last for four months. • For example, if an out-of-work person is receiving the national average of about $340 per week, under the new federal program their take-home pay will be $940. • The legislation also adds 13 weeks of additional unemployment insurance. 
 
Student loans 
• Employers can provide up to $5,250 in tax-free student loan repayment benefits. • Employers can contribute to loan payments and workers won't have to include that money as income. • All loan and interest payments deferred through Sept. 30 without penalty to the borrower for all federally owned student loans. • Students who drop out of school as a result of the coronavirus won't have time away from school deducted from their lifetime limits on subsidized loan and Pell grant eligibility. • Those students would also not be asked to pay back any grants or other aid they've already received. 
 
MOAA Educational Assistance 
• Offering a special 6-month hardship deferment for COVID-19 related issues (layoff, reduced work hours, unemployment, etc.) Form will be available on our website on or about 3/30/2020. 
 
Health Insurance coverage 
• CARE requires all private insurance plans to cover COVID-19 treatments and vaccine and makes all coronavirus tests free. 
 
Currently Serving members 
  
• The DOD started a new pay called "Hardship Duty Pay - Restriction of Movement", or HDP-ROM • Allows Services to pay up to an additional $1500/month for members who are impacted during PCS or must acquire temporary lodging that goes beyond normal TLE limit (which is 14 days) because of COVID-19. • Each Service will implement their own process and pay.

Georgia Council of MOAA
Georgia Council of MOAA
Georgia Council of MOAA
Georgia Council of MOAA

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