Resources for You and Your Loved Ones
We’re here to help
As your fiduciary, fee-only advisors, we will support and guide you through the financial impact of COVID-19.
We will continue to email you with updates but we also encourage you to reach out with questions and concerns. That’s what we’re here for. Email us, call 319.393.4020 or schedule a Zoom meeting.
Because emails are easily deleted or lost, we will publish many of the resources we’re sharing with you via email on this page. Please feel free to share this page with family, friends, colleagues and neighbors.
Guidance for your loved ones
Even if you’re not feeling much of a financial impact of COVID-19, you may know someone who is and could use our help.
Easy solutions may be difficult to come by, but we can try to help those you care about avoid long-term damage to their finances. We are happy to answer questions and can help them think through their best options.
Your loved one does not need to become a client, and this is at no cost. Please thoughtfully consider if someone you care about has an emergency need and pass along our contact info, if so.
Our weekly web series covers the basics of investing and financial planning. These are not hot tips for the crisis or what to do in a panic, but rather a view of how a strong portfolio and financial plan can last the test of time.
We will add recordings of future webinars here as soon as possible. Many of the resources we refer to in the webinars are posted below. Email us if you’d like to receive the slides.
Guides & Other Resources
AMWM COVID-19 Resources – A guide for various scenarios, including:
- Temporary or permanent unemployment
- Small business owner hardships
- Assistance with loan payments and bills
- Filing and paying your taxes
- Scam and fraud prevention and reporting
Emergency Relief Options for Individuals – A detailed outline of the new emergency relief options, including those in:
- The CARES Act
- Families First Coronavirus Response Act
- Executive orders
- IRS changes
- And other relief options specific to COVID-19 for individuals
Issues to Consider If You Lose Your Job – A comprehensive checklist of financial issues to consider surrounding a job loss.
What Documents Do I Need To Keep? – A checklist with legal, health care, tax, and asset-related documents you should have securely saved.
Monthly Budget Tracker – Customize this spending template in a way that works best for you.
Key Provisions of the CARES Act That May Benefit You
The CARES Act is a $2 trillion coronavirus economic stimulus bill signed into law on March 27, 2020. It is designed to offer relief for businesses, families, and individuals who have been negatively impacted by COVID-19. Let’s take a closer look at the provisions most likely to impact you:
- Direct payments to Americans. Probably the most widespread aspect of this bill is its stipulation to make direct payments to American citizens. Many taxpayers will receive $1,200 if they filed single or $2,400 for married couples with an additional $500 per child. There is an income threshold for direct payments which s $75,000 or under for those who filed single and $150,000 or under for those who are married and filed jointly. If your AGI is above those numbers, the payments begin to phase out. Wondering what to do with your payment? Matt shares a few ideas in this interview with KCRG, but contact us for recommendations best for your situation.
- Unemployment. The Act provides an additional $250 billion for extended unemployment insurance programs. It expands eligibility while also providing qualified workers with an additional $600 per week for 4 months. Unemployment benefits will also be extended through December 31, 2020. This applies to W-2, self-employed, contractors, and gig economy workers.
- Retirement funds. The bill waives the 10% early withdrawal penalty for distributions up to $100,000 for coronavirus related purposes. This applies retroactively to distributions as early as January 1, 2020. Even though the penalty tax is waived, you will still need to pay income tax on the withdrawals, but it is spread over a three-year period. The 401(k) loan limit has also increased from $50,000 to $100,000. Required Minimum Distributions (RMDs) are suspended for 2020.
- Charitable contributions. To further incentivize charitable contributions, the CARES Act establishes a new above-the-line deduction for cash contributions up to $300 made in 2020 to be put on next year’s federal tax returns. The limits on deductions for charitable contributions are also changing which especially impacts individuals who itemize deductions.
- Business owners. Business owners have had a difficult time navigating the changes to their business in light of the coronavirus. The bill allows employers to delay the payment of their portion of 2020 payroll taxes until 2021 and 2022. The bill also provides $350 billion to help prevent layoffs and business closures. Companies with 500 employees or less who remain in business are eligible for up to 8 weeks of cash flow assistance.