Thanks for the excellent video. I pay $6100/year in after tax money towards my pension. My company also adds money. I called my pension office at work, and asked how much of my contributions will be taxed. I was told to talk to a tax advisor. They didn't want to try answering my question. Bunch of dummies!
I certainly appreciate your thanks, but pension/retirement people are not tax people, and if asked, they will always suggest you consult with a qualified tax professional. Even at this point, I could not tell you how much of your pension would be taxable because you really don't know for sure until you start collecting it. As stated in the video, the non-taxable portion of your pension depends both on the total amount of your contributions, and your (and possibly your spouse's) age when you start collecting the pension.
Hello Sir! Just want you to know that you are helping me TREMENDOUSLY at my new job preparing complicated returns at a regional CPA firm, using Lacerte tax software! In fact, the boss kind of caught me😬 studying🤓 from your videos INSTEAD of her recommended course material, and guess what happened..? She ended up perusing your long list of videos, specifying the ones that are most relevant to her client base🤣. In other words, your vids TRUMPED her original recommended course material 👍. It's funny as heck, BUT I'm NOT joking 😁! Anyhow, I actually think I caught a very petty misstatement you may have made AT THE 3:24 mark in your TRADITIONAL IRA DISTRIBUTIONS VIDEO. The VISUAL is correct, but the AUDIO states LINE 17, when it should have said LINE 23. No big deal, especially since this slight error only brings your batting average down from 1000% to 998%😅. Seriously, your overall methodology and style of teaching and explaining tax law far exceeds all other sources, whether via text or video and of course the dry and difficult to understand IRS Publications themselves. I owe you a debt of gratitude, or perhaps even a financial debt 😀. Keep up the great work and blessings to your channel.
Thanks for very much for your support and kind words. You're not the only Tax Professional to use my videos either to help them clarify points in the tax code, or use them to explain things to their clients. Thanks for pointing out the error. Because the writing, audio, and animation are all separate processes, it's surprisingly easy for gaffes like that to sneak in. When it happens, often I'll show a little "*narration oops!" in the video. One problem with glitches like that is the trying to fix them only seems to create more glitches, which is why they're often left in unless they fundamentally break the message of the video.
@@TheTaxGeek That totally makes sense.. Regardless, nobody does a better job at OVERSIMPLIFYING. And yes, since the visual was correct, the minor misstatement is of little consequence. Carry on!
Perfect. This is my 1st year without wages. Just pensions and rental house income. I have 5 smaller pensions including soc sec which is now the largest. I elected to deduct about 30% for taxes from one. I rolled over a traditional IRA and a Roth IRA into gold IRA's which are supposed to be separated. Hopefully they break them down separately.
If you're talking about the difference between boxes 5 and 9b, an amount in box 5 is usually directly subtracted from the total distribution to arrive at the taxable distribution. An amount in box 9b needs to be recovered bit by bit according to the life expectancy of the recipient, as demonstrated in the video.
My mom, who is retired baby boomer, recieved a 1099-R through the mail and it was issused as a death benefit. My aunt passed away last year and she left some money to my mom. How can she report this to the IRS in order to get a refund?
She just needs to file a 1040-SR and report her income from the form. If she receives Social Security she’ll also have to include that, and part of it may or may not be taxable depending on how much the income from the 1099-R is. If there was any withholding from that payout, and it exceeds any taxes from the income, she would get a refund.
Thanks for the excellent video. I pay $6100/year in after tax money towards my pension. My company also adds money. I called my pension office at work, and asked how much of my contributions will be taxed. I was told to talk to a tax advisor. They didn't want to try answering my question. Bunch of dummies!
I certainly appreciate your thanks, but pension/retirement people are not tax people, and if asked, they will always suggest you consult with a qualified tax professional. Even at this point, I could not tell you how much of your pension would be taxable because you really don't know for sure until you start collecting it. As stated in the video, the non-taxable portion of your pension depends both on the total amount of your contributions, and your (and possibly your spouse's) age when you start collecting the pension.
Hello Sir! Just want you to know that you are helping me TREMENDOUSLY at my new job preparing complicated returns at a regional CPA firm, using Lacerte tax software! In fact, the boss kind of caught me😬 studying🤓 from your videos INSTEAD of her recommended course material, and guess what happened..? She ended up perusing your long list of videos, specifying the ones that are most relevant to her client base🤣. In other words, your vids TRUMPED her original recommended course material 👍. It's funny as heck, BUT I'm NOT joking 😁! Anyhow, I actually think I caught a very petty misstatement you may have made AT THE 3:24 mark in your TRADITIONAL IRA DISTRIBUTIONS VIDEO. The VISUAL is correct, but the AUDIO states LINE 17, when it should have said LINE 23. No big deal, especially since this slight error only brings your batting average down from 1000% to 998%😅. Seriously, your overall methodology and style of teaching and explaining tax law far exceeds all other sources, whether via text or video and of course the dry and difficult to understand IRS Publications themselves. I owe you a debt of gratitude, or perhaps even a financial debt 😀. Keep up the great work and blessings to your channel.
Thanks for very much for your support and kind words. You're not the only Tax Professional to use my videos either to help them clarify points in the tax code, or use them to explain things to their clients.
Thanks for pointing out the error. Because the writing, audio, and animation are all separate processes, it's surprisingly easy for gaffes like that to sneak in. When it happens, often I'll show a little "*narration oops!" in the video. One problem with glitches like that is the trying to fix them only seems to create more glitches, which is why they're often left in unless they fundamentally break the message of the video.
@@TheTaxGeek That totally makes sense.. Regardless, nobody does a better job at OVERSIMPLIFYING. And yes, since the visual was correct, the minor misstatement is of little consequence. Carry on!
Perfect. This is my 1st year without wages. Just pensions and rental house income.
I have 5 smaller pensions including soc sec which is now the largest. I elected to deduct about 30% for taxes from one.
I rolled over a traditional IRA and a Roth IRA into gold IRA's which are supposed to be separated. Hopefully they break them down separately.
Good luck, my friend. Let me know how it all comes out!
great video! Question. On the 1099-r, what is the difference between "employee contributions" and "total employee contributions"?
If you're talking about the difference between boxes 5 and 9b, an amount in box 5 is usually directly subtracted from the total distribution to arrive at the taxable distribution. An amount in box 9b needs to be recovered bit by bit according to the life expectancy of the recipient, as demonstrated in the video.
@@TheTaxGeek 9
Fantastic presentation!
This is the best! Thank you for your videos!!!!!
You are so welcome!
My mom, who is retired baby boomer, recieved a 1099-R through the mail and it was issused as a death benefit. My aunt passed away last year and she left some money to my mom. How can she report this to the IRS in order to get a refund?
She just needs to file a 1040-SR and report her income from the form. If she receives Social Security she’ll also have to include that, and part of it may or may not be taxable depending on how much the income from the 1099-R is. If there was any withholding from that payout, and it exceeds any taxes from the income, she would get a refund.
All you needed was a 5 second video saying YES, it is taxablel