Forbes: Tips For 2020 Tax Returns With IRA Distributions (March 28, 2021)

Forbes has published an article, “Tips For 2020 Tax Returns With IRA Distributions,” which discusses how retirees should correctly file their tax in particular to avoid penalty on a coronavirus-related distribution. The article begins as follows:

Many retirees and people who took Covid-related retirement plan distributions might need some extra time to work through their 2020 tax returns.

Those who took distributions from traditional IRAs at any point during 2020 will receive a Form 1099-R reporting the distributions to them and the IRS. Putting these on your tax return to minimize taxes might be a little different than in the past.

To see the full article, click here: “Tips For 2020 Tax Returns With IRA Distributions”

Posted by Jessica Ji, Associate Editor, Wealth Strategies Journal.

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