CARES Act Distributions Tax Reporting Guidance (Rules, Examples, Resources and More!)
CARES Act Distributions Tax Reporting Guidance. If you took a CAREs act distribution from your retirement account (401(K), IRA, 403(B), etc) this video is for you!. #Taxes #Caresact #retirement Thank you everyone for all the requests. I took your feedback and made one long video with time stamps. Your votes really helped. **I do plan to make one additional video that covers form 8915-E more in depth probably in my next video** **Please note this video is produced for educational purposes ONLY and not to be taken as legal or tax advice. I do my best to insure the accuracy of these presentations, but mistakes can be made so carefully read the forms, or consult with a professional in the area you live if you need tax assistance.** ►You can find the downloadable handout here from the IRS website: https://www.irs.gov/pub/irs-drop/n-20... ►2020 Form 1040 https://www.irs.gov/pub/irs-pdf/f1040... ►Form 8915-E https://www.irs.gov/pub/irs-dft/f8915... ►Form 8915-E Instructions: https://www.irs.gov/pub/irs-dft/i8915... I know this video is as long as your high school math class so here are time stamps: ⌚ Time Stamps so you can jump to any point in the video ►0:00 - 1:04 Important intro message ►1:28 Notice 2020-50 IRS Guidance ►2:03 - 5:47 Tax forms used to report cares act distributions ►5:48 Tax reporting on conronavirus-related distributions ►7:06 1099-R where distributions are generally reported ►8:30 IRS Rules related to conronavirus-related distributions ►14:00 - 24:48 #1 FULL Example Reporting income over 3 years (NO recontributions) ►24:49 - 35:10 Guidelines for Reporting income (WITH Recontributions) 🚨 Subscribe Here: https://www.youtube.com/moneyandlifet... 👍 Drop a like to help support the channel and boost the YouTube Algorithm ⌨ Your input and engagements means a lot. Please leave a comment, and or share this video with 1 other person. 📼 Checkout some of our most popular INVESTING and TAX related videos ✅ Earn $100,000 a year in dividends: • Earn $100,000 Per Year in Dividend Income ... ✅ Dividend Investing Pros and Cons: • Dividend Investing: Pros and Cons of Inves... ✅ Our Dividend Income Year 6: • Our Dividend Income Growth Journey - Year ... ✅ Best Investments for each account • Best Investments For Each Type of Account ... ✅ Calculating dividend tax rates: • Your Dividend Tax Rates! 3 EXAMPLES! (Calc... ✅ Making your dividends qualified!: • Qualified Dividends Fully Explained (How T... ✅ How to save taxes on stocks: • How To Save Taxes On Stocks - 5 Tax Saving... ✅ Capital Gain Taxes Explained: • Capital Gains Tax Explained📈 How Stocks ar... ✅ New Tax Laws for 2020 Explained: • New Tax Laws for 2020 Explained! (2020 Tax... ✅ Dividend and REIT Taxation: • Dividend and REIT Taxation Explained With ... ✅ How to fill out the new 2020 W-4 • How to Fill Out the New 2020 W-4 Form (VER... 🎥 My Complete Investing Playlists can be found here: ► Dividend Investing: shorturl.at/gxBFY ► 401(K) Investing: shorturl.at/fwAW8 ► Investing in the stock market: shorturl.at/iuyEQ
