If you are expecting a federal tax refund, you should file right away. But if you owe federal taxes, the due date has moved to July 15th. Oregon taxes are now also due on July 15.
Congress passed the Coronavirus Stimulus Package this week. The details are still emerging, but what does mean for most people? The stimulus check in not affected by your employment status; it doesn’t matter if you are working, full-time, part-time or drawing unemployment with no hours. Those filing jointly are eligible for up to $2400, plus $500 for each child. Individuals are eligible for up to $1200. The amount will be based on your 2018 tax return. If you have paid or received refunds through electronic funds transfer, you’ll get your payment electronically. Otherwise watch for a check in the mail. The latest word it will take three weeks for payments to be sent.
401(k) Loans and Withdrawals
Congress also passed the CARES Act. This temporarily allows withdrawals from your 401(k) without having to prove a hardship and without incurring a 10% penalty. You will still be liable for taxes, and this affect you r long-term planning goals, so be sure you consult with your tax or financial advisor before doing so. Fidelity, CoHo’s 401(k) administrator is planning to make this process as easy and painless as possible and should be ready for your requests soon.
Student Loan Forbearance
If you have a federal student loan, you are able to postpone current payments without accruing any interest. You will need to contact your student loan company and tell them you want to hold off paying your student loan. Congress has allowed delaying federal student loan payments until September without affecting your credit score and without any interest.
Mortgage and Rent Payments
Please note COHO is not advising that you should stop paying your mortgage and/or rent or that you are eligible for a mortgage forbearance or rent relief. Each loan is specific and unique. You must check with your lender or landlord and communicate through them on all matters related to your mortgage or rent.
The Department of Housing and Urban Development announced that it's suspending all evictions and foreclosures until the end of April. In addition, the Federal Housing Finance Agency directed Fannie Mae and Freddie Mac to do the same for a minimum of 60 days.
What does this mean for you? If you own your home and have been impacted by COVID-19 you MAY be eligible for forbearance, some mortgage companies are offering none or reduced fees with little to no impact on credit scores. Check with your lender for options.
While the National Multifamily Housing Council requested apartment owners to halt evictions, the ability to do so varies by state or city. Please check with your landlord on options available to you.
Washington State Renters
On March 17th, Governor Jay Inslee has prevented residential landlords from serving a notice of unlawful detainer for default payment of rent for the next 30 days. Additionally, law enforcement may not enforce eviction orders based solely on nonpayment of rent. Unless this is extended this would end on April 17th. Again work with your landlord directly to see what options are available for you.
Oregon State Renters
Oregon Governor Kate Brown has said the state will move forward with an eviction moratorium but hasn't released any details yet. Again work with your landlord directly to see what options are available for you.