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If you're retired, you generally won't receive a W-2 form unless you had employment income during the year. Instead, you'll typically receive other tax forms based on your sources of income: - 1099-R: For distributions from pensions, annuities, retirement plans, or IRAs. - SSA-1099: For Social Security benefits received. - 1099-DIV: For dividends from investments. - 1099-INT: For interest income from savings accounts or other investments. - 1099-B: For proceeds from the sale of securities or other investments.

Wow, I am so impressed with you @aleppo1! If you are starting to learn about it right after HS, you will definitely do well in life. I am so glad you found it helpful🍀

You can try emailing the USPS support and asking them what are your options. Here is a link to their customer support: shorturl.at/Y29SX Good Luck🍀

Hi @clarkkent9080, When you purchase a brokered CD, the broker’s name typically appears as the owner/depositor, not yours. Your brother is correct; you receive a 1099-INT from the broker rather than the bank, and you can trade brokered CDs, unlike traditional bank CDs. You make a good point about the FDIC insurance coverage. FDIC insurance protects up to $250,000 per depositor, per insured bank. If a broker buys a single million-dollar CD and sells portions to individual investors, is only $250,000 of that CD would be insured, not the full million? You would always have to ask your broker how they structure the purchases and confirm that your investment will be individually insured under FDIC guidelines. You can also verify by checking the broker’s documentation and the CD’s terms to ensure compliance with FDIC insurance rules. Here is some helpful information from the US SEC, although details still have to be verified with your broker: www.sec.gov/oiea/investor-alerts-and-bulletins/investor-bulletin-brokered-cds It's frustrating how complex these seemingly simple financial matters can be. Someone once commented, "These are just CDs, what's there to know?" But as with everything, the devil is in the details. Thank you for your comment!🍀

@@taxguide101 Thank you for your response. While all the clues lead me to believe that brokered CDs were purchased in the broker's name, it took a lot of research to confirm that. Every broker that offers CDs implies that the individual investor is covered by FDIC insurance when in fact the broker is and as long as the broker is solvent, the investor should be covered as well. But what is implied and reality is not the same. its not like a big name broker like Bear Sterns, Lehman Brothers or Merrill Lynch will go bankrupt like they did in 2008. Most people who invest in CDs are doing so because they believe that they are 100% FDIC insured and every broker's information on that investment, through clearly deceptive wording gives that impression. It appears that brokered CDs became common ~ 1 year ago as that is when all the YT channels discussed them. This important fact however has not been discussed in any YT channel that I could find and this has NOT been relayed to the investors and would make a good subject for your channel.

@@clarkkent9080 I love this "ts not like a big name broker like Bear Sterns, Lehman Brothers or Merrill Lynch will go bankrupt like they did in 2008".... lol and thank you for suggesting a video on this topic. It's definitely something that seems to be very deeply hidden.

@@taxguide101 The issue I see is if another major stock market upset began, the investor would be locked into the CD until maturity. Brokered CDs are supposed to be transferable but that assumes someone would want them when the market is in turmoil. All you could do is hold on to them and pray that your broker survives until maturity. If more people knew the actual risk, I think few would be interested in brokered CDs. I originally presented my question to an investor web site with "expert" investors and they immediately discounted me saying the investor is fully 100% directly FDIC insured. But when I showed them the information from Fidelity, there was no response.

Thank you for your question @mailannguyen59, You don't need to submit forms or receipts to the IRS when you withdraw from a 529 plan. However, you do have to keep detailed records, including receipts and documentation from your son's college, to prove that the distributions were used for qualified education expenses if the IRS requests them during review or an audit. Here is a helpful IRS 529 Presentation with Examples: www.irs.gov/pub/taxpros/2023ntf-03-1099-q-what-do-i-do.pdf It's similar to being a sole proprietor: you need to keep track of your income, cash flow, and expenses. You report these yourself, and only in the case of a review or audit would you need to produce the records. General 529 (or otherwise called Qualified Tuition Program) info on the IRS website: www.irs.gov/taxtopics/tc313 Pub 970 Tax Benefits for Education - 529 Specifict www.irs.gov/pub/irs-pdf/p970.pdf#page=50 Thank you and good luck!🍀

Thanks very much for your response.

Sorry I just got to it @mailannguyen59 One more thing is worth mentioning is that the IRS also receives a copy of the 1098-T for your son, who I assume you claim as a dependent. This form shows the tuition paid in Box 1 (less any scholarships in Box 5). If the tuition paid is, for example, $10,000 and the 529 withdrawals are around that amount or less, it looks reasonable and well-matched. However, if the tuition is $5,000 and the 1099-Q withdrawals are $25,000, it could raise questions. However, you could also withdraw 529 funds penalty-free up to $10,000 to pay off student loans and amounts up to a scholarship received. Here is more info on that. th-cam.com/video/NG60yoODk0k/w-d-xo.html

Hi Aki, I really appreciate your time to give me more info 🙏 I have learned a lot since I found your channel 🥰 Actually, I don’t have 529, but Coverdel ESA for my son and I think the distribution for education purposes will be treated as the same. Since my son name is in the 1098T form, I guess his name is also in 1099Q form, even I am the owner of the account and requested the distribution deposit to my bank account, then pay for his college. Is it correct? Because if they put my name on 1099Q form, IRS can’t verify the amount fund withdrawal with the tuition I paid for my son on his 1098T.

@mailannguyen59 That's interesting you mentioned that. 2023 was the first year we withdrew funds from our 529 plan for our son’s freshman year in college. We did it twice: once by transferring funds from the IL 529 BrightStart account to our bank account, and once directly to the school. You're right-we received two 1099-Q forms: one in our son’s name and one in ours. When the funds were deposited directly to the school, the form was in our son’s name; when deposited to our bank account, it was in our name. This is normal and shouldn't cause any issues. Here's why: Reporting for the Beneficiary: The 1099-Q reports distributions from the 529 plan to the designated beneficiary. Since the funds went directly to the school for the child's education, the beneficiary information is reported accordingly. Tax Implications: As long as the distribution is used for qualified educational expenses, it remains tax-free, regardless of whose name is on the 1099-Q. I am glad you found the information helpful! Cheers & Good Luck🍀

No it is not too much ;-) I uploaded it to GS. This is the version I worked on during the recording. I'll clean it up when I get a chance, but for now, you can see the calculations. docs.google.com/spreadsheets/d/1chwVSEo8ZvnfNU7B-7KM78TfiN9GGItq/copy

The forms that will show up for you will be dependent on how you enrolled in the EFTPS - as a business (941 forms) or an individual (1040 series). www.eftps.gov/eftps/direct/FAQGeneral.page#busorfa

Hi @AngelLopez-wm9pc, You would put $20,282 on Line 16 if Line 15 is equal to $112,010. Here how this is calculated: 1. $112,010 x 24% = $26,882 - $6,600 = $20,282 or 2. $16,290 + (($112,010 - $95,375) x 24%)) = $20,282 Per 1040 Calculations on pages 77 & 110 of 1040 Instructions: www.irs.gov/pub/irs-pdf/i1040gi.pdf#page=77 Thank you for your comment! Note: This is not a Tax Advice

Thank you for the comment & so glad you're here!🍀

Yes, you can. You can use EFTPS if you are an individual. www.irs.gov/payments/eftps-the-electronic-federal-tax-payment-system www.irs.gov/pub/irs-pdf/p4990.pdf

I am glad you found it helpful. Thank you for the great feedback! 🍀

I appreciate that!

so glad you did!

You are required to report debt cancellation even if you didn't receive a 1099C.

Get it from your bank or lender

Glad it was helpful! Thank you for your comment @alegc_84

Two weeks

Hello @amiawang, If you are a monthly depositor for employment taxes, you file Form 941 on a quarterly basis, regardless of whether you make monthly payments. In other words, even if you make monthly deposits, you still submit the Form 941 quarterly to report the cumulative amounts for each quarter. However, please . The quarterly filing deadlines for Form 941 are the last day of the month following the end of each quarter (April 30, July 31, October 31, and January 31 for the quarters ending March 31, June 30, September 30, and December 31, respectively).

So glad you found it helpful! Thank you for the comment @powertothepeople! 🍀

I am so glad you found it helpful @iecuswilson2824! Thank you for your comment. 🍀