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To self employed members or ones who had to tap into your retirement accounts.


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Posted (edited)

Be sure to research IRS form 7202 if you are self employed and were effected by the corona virus.  You may qualify for "sick leave credit".  Also if you tapped into your retirement you can do 3 year averaging and bypass the 10% penalty (up to 100k withdraw) if its corona related.   Be sure to report the correct amount of EIP payments received in April and December.   You may be eligible for more if you did not receive the full amount.  Talk to your tax advisor.

Edited by MikeB


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Posted

Thanks for the heads up.

 



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Posted
7 hours ago, MikeB said:

Be sure to research IRS form 7202 if you are self employed and were effected by the corona virus.  You may qualify for "sick leave credit".  Also if you tapped into your retirement you can do 3 year averaging and bypass the 10% penalty (up to 100k withdraw) if its corona related.   Be sure to report the correct amount of EIP payments received in April and December.   You may be eligible for more if you did not receive the full amount.  Talk to your tax advisor.

retirement fund   ......lmfao....wtf is that?    :evil:


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