Coronavirus: Taxes in July Part Two

Jill on Money with Jill Schlesinger

Audacy

Self-improvement, Business, Investing, Education

4.6 • 1.8K Ratings

🗓️ 28 June 2020

⏱️ 15 minutes

🔗️ Recording | iTunes | RSS

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Summary

Yes, we're officially in the summer months, and for millions of Americans, thanks to the coronavirus, the early summer weeks will include preparing and paying taxes. Because of the pandemic’s timing and impact, the IRS delayed the tax-filing and payment deadlines from April 15th to July 15th. The agency also moved back Q2 quarterly estimates, which would have been due on June 15th, to July 15th. To help us break down all the ins and outs of this "new" tax season, we're joined by Ed Slott, the ultimate tax guru and founder of IRA Help. Have a money question? Email me here. Please leave us a rating or review in Apple Podcasts. "Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com. To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

Transcript

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0:00.0	Are you ready for a Monzo Business Bank Account?
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0:09.8	It automatically puts 20% of my income into a tax pot.
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0:25.0	Get tax pots with Monzo Business Pro for £5 a month.
0:28.1	Te's and sees apply.
0:29.3	Welcome to the Jill on Money Coronovirus Market Update. It is Sunday, June 28th, and we are delighted
0:42.2	to have Ed Slott. He is a retirement and IRA and tax expert. His
0:48.1	website is IRAHelp.com. Yesterday we talked about all those folks who have waited to the bitter end till the July 15th
0:56.5	deadline to file their taxes. Today we are going to talk about retirement accounts because,
1:04.0	as you said yesterday, the extension to July 15th
1:10.0	also applies to not only the tax return filing date, but also for IRA and Roth IRA contributions for 2019.
1:18.0	Does it also apply to all those medical savings accounts in HSA? Yes, yes. Okay. Now tell us a little bit
1:26.5	about the required minimum distributions for 2020. What is the deal now?
1:32.1	All right, under the CARES Act, this is the relief for the COVID-19, they were all waived for
1:39.4	2020.
1:41.4	Anything due in 20 was waived. Now people are a little confused about this like one of the questions we get even from advisors. What about beneficiaries who take RMDs? Those are waived. What about people
1:56.6	who turned 70 and a half last year in 2019 and had till April 1st this year to take their first RMD didn't take anything in
2:06.8	2019 so their first one even though it was for 2019 is also waived and so is their second one which is due in 2020.
	...

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