//$2 trillion stimulus bill is giving more than just checks to everyday Americans

$2 trillion stimulus bill is giving more than just checks to everyday Americans

The new $2 trillion stimulus bill has some hidden benefits for consumers — if you know where to look.Chief National Investigative Correspondent Mark Albert shows how you could save on everything from plane tickets to income taxes. Plane ticketsBuried deep inside the just-passed 335-page stimulus bill, lawmakers waived the 7.5% federal excise tax on all airline tickets through the end of the year.That’s about $22 on a $300 seat.It’s even good for travel next year as long as you buy the ticket by Dec. 31.”It will make a small difference to us,” said Charlie Leocha, of Travelers United. “The more expensive ticket that you have, the bigger difference it will make in terms of saving money.”Income taxesYou can also save money by donating to charity.Congress brought back the deduction it had taken away when it passed the Trump tax cuts in 2017.You can now deduct $300 on top of the standard deduction — without itemizing.Retirement account borrowingAnd for people suddenly out of work, Congress created a possible — though not ideal — lifeline.Ed Slott of IRAHelp.com says people under 59 1/2 can now take up to $100,000 from a retirement account to pay for coronavirus-related hardships.It’s penalty- and tax-free if paid back within three years.”The last place you want to go is start taking money out of your retirement account. But if it’s all you’ve got left, the government has provided relief,” Slott said.And people over 70 1/2 can get a benefit, too.This year, they generally do not need to take the required minimum distribution from their retirement accounts, sparing them from the recent plunge in stock prices.Do you have questions about the coronavirus? Ask a panel of medical experts as part of our latest special Facebook Live event at 1 p.m. ET Friday. Submit your questions by emailing investigate@hearst.com or post on Twitter using the hashtag coronavirusFBLive.

The new $2 trillion stimulus bill has some hidden benefits for consumers — if you know where to look.

Chief National Investigative Correspondent Mark Albert shows how you could save on everything from plane tickets to income taxes.

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Plane tickets

Buried deep inside the just-passed 335-page stimulus bill, lawmakers waived the 7.5% federal excise tax on all airline tickets through the end of the year.

That’s about $22 on a $300 seat.

It’s even good for travel next year as long as you buy the ticket by Dec. 31.

“It will make a small difference to us,” said Charlie Leocha, of Travelers United. “The more expensive ticket that you have, the bigger difference it will make in terms of saving money.”

Income taxes

You can also save money by donating to charity.

Congress brought back the deduction it had taken away when it passed the Trump tax cuts in 2017.

You can now deduct $300 on top of the standard deduction — without itemizing.

Retirement account borrowing

And for people suddenly out of work, Congress created a possible — though not ideal — lifeline.

Ed Slott of IRAHelp.com says people under 59 1/2 can now take up to $100,000 from a retirement account to pay for coronavirus-related hardships.

It’s penalty- and tax-free if paid back within three years.

“The last place you want to go is start taking money out of your retirement account. But if it’s all you’ve got left, the government has provided relief,” Slott said.

And people over 70 1/2 can get a benefit, too.

This year, they generally do not need to take the required minimum distribution from their retirement accounts, sparing them from the recent plunge in stock prices.

Do you have questions about the coronavirus? Ask a panel of medical experts as part of our latest special Facebook Live event at 1 p.m. ET Friday. Submit your questions by emailing investigate@hearst.com or post on Twitter using the hashtag coronavirusFBLive.