4/1/20 Communication to Clients from Peck Financial Advisors

Valerie Peck |

So these are fast-moving times with a great deal of information flying around us.  I wanted to be sure you’re aware of a few of the financial details.


  1. The IRS has pushed out 2019 tax filing to July 15, 2020.  Estimated quarterly taxes that are usually due in April have also been pushed out.  You can still pay them earlier, but they are not due until July 15, 2020.   More specifics at: https://www.irs.gov/newsroom/tax-day-now-july-15-treasury-irs-extend-filing-deadline-and-federal-tax-payments-regardless-of-amount-owed


Please check with your state to verify how they are handling 2019 filings and estimated taxes.


  1. The CARES Act (Coronavirus Aid, Relief, and Economic Security) was passed 3/27/20.  A link to some of its provisions can be found in this article, https://www.peckfa.com/blog/key-provisions-cares-act


- You don’t have to take your Required Minimum Distribution in 2020 for your 401k, your IRA or your inherited IRA.   If you’re set up to automatically receive a distribution(s) and don’t want it, please contact me via email or with a call.   If you want to unwind a recent distribution, we may be able to do that as well. 


- In the next few weeks, one-time, direct stimulus checks/direct deposits in the amount of up to $1,200/person, $500/child will be going out to individuals and couples earning less than $99,000 and $198,000 respectively.


  1. In a down market, it’s appropriate to consider converting some of your IRA to a Roth IRA when lower values mean lower taxes.  We’ve updated an article on issues to consider in “Roth IRA Conversions”.  https://www.peckfa.com/blog/roth-ira-conversions


  1. A client asked me if, within the individual holdings, someone is still monitoring assets and opportunities.  Yes, active fund managers and their analysts embrace times like these to monitor, and purchase where appropriate, assets that will add to long-term value of their funds.  None of that has stopped.  Indexed funds will continue to track whatever index they’re associated with, i.e. S&P 500.  


  1. I have a client who was laid off by his company when “nonessential” businesses were told to send workers to shelter-at-home.  About a day and a half later, he was re-hired as they realized he could do the same billable work from his home as from their office.  They were losing money by laying him off, not saving money.  I mention this because I think we see something similar in recent, dramatic market moves.  There was a lot of, “Just get me into CASH!” emotion in the marketplace, with the selling of some well-valued holdings.  I think it’s reasonable to expect volatility to continue as we work through our current challenges.  Don’t lose sight of where value lies.


Stay safe.  If you have questions or I can help, please contact me.   I’ll continue to reach out for our regular reviews as well.



Valerie L. Peck, MBA, CFP®
Fee-Only Financial Advisor

P (800) 788-8704
E vpeck@peckfa.com | W http://peckfa.com/

Mailing Address: 8030 La Mesa Blvd, #601  La Mesa, CA 91942-0335

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