Journal of Financial Planning: October 2020
141 million…
Number of 2019 individual income tax returns the IRS received as of July 10. (CNBC)
96 million…
Number of tax refunds the IRS issued, as of July 10, delivering an average check of $2,762. (CNBC)
1099-G…
IRS form your clients who drew on unemployment will need when they file taxes next year, because unemployment is taxable. (CNBC)
39.6…
Percentage that presidential candidate Joe Biden has proposed raising the top marginal income tax rate to from 37 percent. (ThinkAdvisor)
$4 to $5 million…
Amount Joe Biden has proposed lowering the amount of assets exempt from estate tax, which is now at $11.58 million per person. (ThinkAdvisor)
1.9…
Percentage of savers who took a retirement plan withdrawal through the CARES Act through May 31. (Vanguard)
$5,250…
Annual amount employers may contribute toward employees’ student loans that will be excluded from an employee’s income. (Tax Foundation)
$100,000…
Amount Americans were allowed to withdraw from an IRA and 401(k) without a 10 percent early withdrawal penalty under the CARES Act, but the majority of savers did not exercise that option. (NASDAQ)
50…
Percentage refundable payroll tax credit that employers are eligible for on wages paid up to $10,000 during the COVID-19 crisis under the CARES Act. (Tax Foundation)
$10,413…
Median distribution savers took from their retirement plan during the COVID-19 crisis. (Vanguard)
30…
Percentage of distributions taken from retirement accounts during the COVID-19 crisis that were under $5,000. (Vanguard)
4…
Percentage of savers who took the maximum $100,000 withdrawal from their retirement accounts allowed under the CARES Act during the COVID-19 crisis. (Vanguard)
70…
Percentage of people who reported that their families received the economic impact payments under the CARES Act as of late May. (Tax Policy Center)