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Comprehensive Guide to the CARES Act 401k Withdrawal

The pandemic threw many Americans and businesses for a loop, and many people struggled to stay on top of their bills and business expenses. The number of active business owners plummeted by three million from February to April 2020. To provide people with additional financial options, the federal government approved the CARES Act, which included the CARES Act 401(k) withdrawal option. If you’ve heard about this withdrawal option and you want to learn more about it and how you can use it, continue reading below. This brief CARES Act guide will cover all you need to know about the 401(k) withdrawal option and who you can contact for more information.... ( read more ) LEARN MORE ABOUT: 401k Plans REVEALED: Best Investment During Inflation HOW TO INVEST IN GOLD: Gold IRA Investing HOW TO INVEST IN SILVER: Silver IRA Investing The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020, to provide relief to Americans...

CARES Act Retirement Distributions: Reporting Form 8915-F 2021 from 2020 IRS Form 8915-E

CARES Act Retirement Distributions: Form 8915-E and Form 8915-F: Reporting qualified 2020 disaster retirement distribution. See Form 8915-E 2020 for reporting on Form 8915-F in 2021 (and 2022). IRS Form 8915-E and IRS Form 8915-F links are below. Form 8915-F is used to report a disaster-related retirement distribution, and any repayments of those funds. It also allows you to spread the taxable portion of the distribution over three years, if needed and report prior year distribution amounts which are to be taxed in 2021. FIND JJ THE CPA'S CPE, TAX SEMINARS, BOOKS, SOCIAL MEDIA & MORE JJ THE CPA's WEBSITE JJ THE CPA's ERTC SEMINAR YOU NEED TO CHECK OUT MORE INFO SEE BELOW: What is Form 8915-F Qualified 2021 Disaster Retirement Plan Distributions and Repayments? Form 8915-E for 2020 Only (Not for 2021) Form 8915-F for 2021 and 2022 (as of 3/7/22) Form 8915-F Instructions ANOTHER CPA'S VIDEO ON THIS SUBJECT: THIS IS NOT AN ENDORSEMENT OF ...