2020 tax season will be filled with surprises for taxpayers, especially those who had to take out funds from their retirement accounts. Typically, these distributions would be subject to a 10% additional tax and the taxpayer's marginal Federal, state, and local tax rates. However, for 2020 there are several options for taxpayers who had to distribute money from their retirement accounts due to the coronavirus pandemic. Some of the benefits include:
Join us for this session, where we will walk through the options and discuss how to navigate them to the best advantage for specific tax scenarios.
Jeremias Ramos is a tax manager in Withum's National Tax Group. Jeremias is also the Editor-in-Chief of The Daily CPA, a blog focusing on tax, accounting and finance topics for young professionals. He enjoys helping his peers in the millennial CPA world break down complex tax tasks into step-by-step processes. Follow him on LinkedIn or at TheDailyCPA.com.