Tax Form 1099-R Explained || Taxable Retirement Distributions or Not?
What is tax form 1099-R and each of the boxes on the form. Box-by-box explanation of the information on form 1099-R.
Timecodes:
00:00 - Intro
00:15 - When do you receive form 1099-R?
03:19 - When are you able to combine RMDs?
04:06 - Gross distribution in Box 1 of tax form 1099-R.
05:06 - Taxable amount in Box 2 of the tax form 1099-R.
09:07 - When do you have to have withholding on 1099-R?
10:36 - Retirement plan contributions by taxpayers.
12:14 - Distribution codes in Box 7 on 1099-R.
13:24 - Exceptions to 10% Penalty on early retirement plan distributions.
17:01 - Roth IRA withdrawal rules.
17:37 - State information on 1099-R.
18:49 - Qualified Charitable Distribution (QCD).
The 15 Most Common Tax Forms in 2022 (+Infographics) article: / 15-most-common-tax-forms-in-2022
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Form 1099-R box-by-box instructions: https://boostyourtaxiq.com/resources
IRS instructions for 1099-R are at https://www.irs.gov/pub/irs-pdf/i1099...
——————————DISCLOSURE———————————
The information presented in this video is for informational and educational purposes only. It is not intended to render tax advice for any specific situation. Those needing assistance with a specific situation should consult with a qualified Tax Professional.
The information in this video is based on current tax law and IRS regulations as of date of publication and is subject to change.
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