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)

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