We have made the following updates for the Coronavirus response legislation known as the CARES Act.
Rebate. We automatically calculate and apply the rebate that is coming to most Americans (typically $1,200 + $500 per child). You can see the calculated amount in the Wage-Like Income section.
Child support. In today’s release, the CARES Act rebate is NOT counting as income for the calculation of child support. But we have made it easy to count it and see what support would be. In the “Wage-Like Income” section, there is a checkbox option to include or exclude the CARES Act rebate for child support purposes.
Required Minimum Distributions. For 2020, you will have the option to elect a $0 required minimum distribution from IRA/401k plans. You will find this option on the “more info” page for the plan, in the Distributions section.
Penalty-free Withdrawals. For current-year withdrawals, you may include CARES Act withdrawals in the write-in line at the bottom of the “more info” screen for current-year distributions that are penalty-free.