Three things you need to know
2019 Federal tax returns may be filed on or before July 15, 2020. Both Minnesota and North Dakota have provided the same extension to July 15 for 2019 state taxes without any penalty or interest. South Dakota has no state income taxes.
2020 estimated federal taxes due April 15 can be pushed to July 15. CAUTION: Continue to save for this payment or you will be dealing with multiple tax payments, final 2019 payments, and two quarters of 2020 tax payments. You must still pay 2020 estimated state taxes according to the quarterly schedule beginning April 15, 2020.
Please read the information on the websites provided and/or contact your tax accountant.
Your economic impact payment checks
If your income is lower than $75,000, you will receive a check from the government for $1200. Even if your income is higher, you may receive a check for a lesser amount. If you have children under age 17, you will receive a check of $500 per child. In the coming weeks, the US Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail. Find more information on economic impact payments.
Your student loans
If you have a federal student loan, you may defer your payments through September 30, 2020. No interest will accrue during this period on the following types of federal student loans:
- Defaulted and non-defaulted Direct Loans
- Defaulted and non-defaulted FFEL Program Loans
- Federal Perkins Loans
Please note that some FFEL Program loans are owned by commercial lenders, and some Perkins Loans are owned by the institution you attended. These loans are not eligible for this benefit at this time.
Additionally, the General Board of Higher Education and Ministry is aiding student loan borrowers whose income has been impacted as a result of the pandemic. Borrowers currently in repayment may request a payment suspension for three months. Interest will accrue during the payment suspension once the request has been verified by GBHEM.
The Area Student Debt Reduction Grant program is on a “pause” while we evaluate the financial needs of our pastoral leaders during COVID-19. We have made some revisions to this granting program to include additional resourcing and opportunity for more clergy to participate. While it is our intent to distribute these funds in 2020, the funds may be redirected for a different purpose during this season. We will keep you informed.