⌚ Time Stamps so you can jump to any point in the video ►0:00 - 1:43 Explaining withholdings and examples of different forms where money can be withheld. ►1:44 - 4:40 Reporting Dividends from tax statement 1099-B ►4:40 - 6:20 Reporting capital gain distributions ►6:45 - 7:55 Reporting section 199A dividends. ►7:57 - 9:16 Reporting Foreign Taxes from dividends ►9:17 Navigating the 1099-B Dividend Summary ►11:40 Reporting interest income ►14:00 Schedule D tax worksheet
Holy money! This is definitely the video we all have been waiting for from you for years. Yes, I'm going through my 1099, and the confusion started from the very first line 1a and 1b, where the numbers don't add up, on top of having multiple brokerages. Hat off to you!
Thank you for these tax series. Always so helpful and thanks for explaining in a way that is easy to understand. In your next video if could explain the requirements to avoid underpayment estimated taxes. That would help a lot of us.
Great suggestion FM . I'll add it to the list. This is one of my older videos now, but it may answer your question. ruclips.net/video/unzt2dOoYhQ/видео.html Depending on your income you generally need to pay in 90% of the current year tax or 100% of the prior year tax at a minimum to avoid underpayment penalties. That is the general rule of thumb. However, in some cases (as you will see in the video) you will need to pay in 110% of the prior year tax to avoid underpayment penalties.
In this video we walk through many of the steps to report interest, dividends, capital gains, etc on your tax return from your investment statement the (1099-B) Hope you all enjoy! Please share this information with family and friends ruclips.net/video/bFxJaaKwPGE/видео.html If you do I would greatly appreciate it. Have a wonderful week everyone. Sorry I haven't been as involved in comments as I usually am. My work is the most demanding during this time of year.
Thanks! Hopefully coming soon. Had some big tax updates drop from the new stimulus package that I want to cover but certainly plan to continue with this in another week or so.
Thank you very much for creating this. I am learning a lot from you and please keep them coming. You deserve more likes and subscribers. I already smash the like button.
@@MoneyandLifeTV I deleted my previous, annoying, reply on this video regarding Roth IRA. You did not mention that you've already done a video about it before, it already answered everything on here, ruclips.net/video/Y0OxeCS3_H4/видео.html, LOL. Thank you very much! I will continue to support your channel!
Appreciate the detailed breakdown! 🧐 Just a small off-topic question: 😅 I found these words 😅. (behave today finger ski upon boy assault summer exhaust beauty stereo over). I don't know what they are. What should I do with them? 🤷♀️
Good info in the video, I was looking for the difference between Ordinary and qualified Dividends, now I seem to get it. As a good American a I doing my Taxes at the last minute. Thanks for information.
Great content, as always! A bit off-topic, but I wanted to ask: I have a SafePal wallet with USDT, and I have the seed phrase. (air carpet target dish off jeans toilet sweet piano spoil fruit essay). Could you explain how to move them to Binance?
Can you make an updated video showing you inputting the stock and 1099-b info into your own software , I’ve had 1 client so far and there’s so much information and so many papers it’s a bit overwhelming knowing what’s actually important?
Hi there. Thank you so much for another very helpful video on this stuff. What software should I use? The free one through the IRS or which do you recommend? Other's input is welcome on this as well. Thanks!
Does my tax lady have to do the Qualified Dividends and Capital Gains worksheet? Otherwise, it seems like the ordinary dividends is simply added as income. Which means none is applied as qualified dividends.
Thanks for the info. I have a question on how to handle an RMD that was pulled back into the account. How do you handle the federal and state taxes that were outback into the account?
Hi David, I'm not 100% sure off the top of my head, but I would suspect those numbers would to be factored into whatever investment statements they provided you such as a 1099-R or 1099-B. However as I think about this more....if I am understanding you correctly I'm thinking perhaps there isn't anything to report if the money came out and then right back into the account? If you cannot see where the transaction has been reflected you might want to contact the broker and see if they can guide you as to where the transaction appears on your tax statements.
Hi Tracy, thanks for asking. I hope to show an example in the next part about reporting basic stock sales. Won't be ready by next weakened, but possibly by the 21st. In theory though the "wash sale" will be an adjustment to your gain or loss. Wash sales are "disallowed losses" meaning they will ADD back to to your taxable gain or loss. They will either increase your gain or reduce your capital loss. Hope that helps.
Correct me if I am wrong, in order to finish the 1040 form, one has to do a couple of worksheets, such as Social Security and Qualified dividends and capital gains...cause on line Line 9 ( 2021 ) version your asked to total those amounts up.
📼 Checkout some of our most popular INVESTING and TAX related videos ✅ Earn $100,000 a year in dividends: ruclips.net/video/DWu3oU6dcBs/видео.html ✅ Dividend Investing Pros and Cons: ruclips.net/video/3gmbrO_PUt8/видео.html ✅ Our Dividend Income Year 6: ruclips.net/video/ppwnTGWNcUY/видео.html ✅ Best Investments for each account ruclips.net/video/WjlOmA-xWAU/видео.html ✅ Calculating dividend tax rates: ruclips.net/video/ldZaDdmcWtg/видео.html ✅ Making your dividends qualified!: ruclips.net/video/YmYcxDLzXyY/видео.html ✅ How to save taxes on stocks: ruclips.net/video/_gaJ6jXgGb4/видео.html ✅ Capital Gain Taxes Explained: ruclips.net/video/BCQYorPgDKs/видео.html ✅ New Tax Laws for 2020 Explained: ruclips.net/video/ewhbBCRvIO0/видео.html ✅ Dividend and REIT Taxation: ruclips.net/video/Y0OxeCS3_H4/видео.html ✅ How to fill out the new 2020 W-4 ruclips.net/video/_VPjX0dDTgs/видео.html 🎥 My Complete Investing Playlists can be found here: ► Dividend Investing: shorturl.at/gxBFY ► 401(K) Investing: shorturl.at/fwAW8 ► Investing in the stock market: shorturl.at/iuyEQ
Hi Ryan, depends on several factors, however, there is usually some form form of manual input, but there are software programs available that can read the 1099'Bs. That being said, if I can avoid the 8949 I usually try to.
@@MoneyandLifeTV How does one avoid it? I've been selling options in a taxable and I don't want to go too crazy wit it if it's going to be a hassle although I am making pretty good money
If your broker sends you an updated 1099-B after you filed and got your refund. If it gives you more of a refund, (changes more dividends to qualified) but not enough to justify the cost of refiling, do you have to amend your return?
Great question, not necessarily. However, if it would give you more of a refund you might weigh the time/cost to amend versus the size of the additional refund. Not sure if you know about superseded returns, but this would be easier then amending. I linked an article so you can see what I'm referring to. Hope this helps. patellawoffices.com/blog/planning-for-tax-minimization/how-to-fix-an-erroneous-filed-tax-return-without-penalties/#:~:text=The%20ability%20to%20file%20a,such%20a%20return%20has%20passed.
Hi man I have a quick question. I'm 17 and have a yt channel that is making some money. I have to pay taxes on it, but on my parents tax rate even though I earned the money. That's gonna be like 37 percent with self employment. Is there anyway I can pay my own tax rate?
Hi Pedro, in order to help you, what was your net profit from RUclips? Is it less than the standard deduction? Generally speaking if you made less than $12,400 you would not having a filing requirement. www.irs.gov/pub/irs-pdf/i1040gi.pdf see the 1040 instructions link here and go to page 10/111 If you made more than $12,400 net profit from RUclips then you will need to file your own return. Self employment taxes will still apply unfortunately, however, I don't think you will be stuck paying the top rates. I could be wrong, but don't think so.
@@MoneyandLifeTV I made under that amount, but to have an adsense account u have to be under 18, so technically it's my parents ad sense account even though I'm earning the money
So wait.. you don't have to do a separate 1099DIV for each individual stock that pays a distribution, just a single one for your brockerage account that has all of your stocks in it?
I get 1099DIV form one co is in Canada inheritance from deceased father. I both USA and Canada deduct taxes I just file USA and get full refund how can I get Canada refunds? Canada tax is a bit over 30 percent not using the tax treaty lesser one of about 15. I pay no tax on low social security.
I started my taxes like 3-4 weeks ago and i uploaded my paperwork from m1 and fundrise to turbotax, but then it started asking me questions i dont understand. I am still waiting to understand.
Just when I thought you ran out of topics, you hit us with another classic. Thanks 🙏!
Thanks for listening Bryan.........I'm full of 2 things. 1. Hot air (As my wife says) and 2. Content ideas my friend :)
⌚ Time Stamps so you can jump to any point in the video
►0:00 - 1:43 Explaining withholdings and examples of different forms where money can be withheld.
►1:44 - 4:40 Reporting Dividends from tax statement 1099-B
►4:40 - 6:20 Reporting capital gain distributions
►6:45 - 7:55 Reporting section 199A dividends.
►7:57 - 9:16 Reporting Foreign Taxes from dividends
►9:17 Navigating the 1099-B Dividend Summary
►11:40 Reporting interest income
►14:00 Schedule D tax worksheet
I just found this Chanel a few days ago, too me that long to take notes on all the good information in this video. and Now I'm Subscribed. thank you
Holy money! This is definitely the video we all have been waiting for from you for years. Yes, I'm going through my 1099, and the confusion started from the very first line 1a and 1b, where the numbers don't add up, on top of having multiple brokerages. Hat off to you!
Thank you for these tax series. Always so helpful and thanks for explaining in a way that is easy to understand. In your next video if could explain the requirements to avoid underpayment estimated taxes. That would help a lot of us.
Great suggestion FM . I'll add it to the list. This is one of my older videos now, but it may answer your question. ruclips.net/video/unzt2dOoYhQ/видео.html Depending on your income you generally need to pay in 90% of the current year tax or 100% of the prior year tax at a minimum to avoid underpayment penalties. That is the general rule of thumb. However, in some cases (as you will see in the video) you will need to pay in 110% of the prior year tax to avoid underpayment penalties.
In this video we walk through many of the steps to report interest, dividends, capital gains, etc on your tax return from your investment statement the (1099-B) Hope you all enjoy! Please share this information with family and friends ruclips.net/video/bFxJaaKwPGE/видео.html If you do I would greatly appreciate it. Have a wonderful week everyone. Sorry I haven't been as involved in comments as I usually am. My work is the most demanding during this time of year.
Great Info. Waiting on the 2nd video about stock sales, processes, cost basis ect... Thanks!
Thanks! Hopefully coming soon. Had some big tax updates drop from the new stimulus package that I want to cover but certainly plan to continue with this in another week or so.
Thank you very much for creating this. I am learning a lot from you and please keep them coming. You deserve more likes and subscribers. I already smash the like button.
Thank you Stranger Granger. Really appreciate the feedback. More to come :)
@@MoneyandLifeTV I deleted my previous, annoying, reply on this video regarding Roth IRA. You did not mention that you've already done a video about it before, it already answered everything on here, ruclips.net/video/Y0OxeCS3_H4/видео.html, LOL. Thank you very much! I will continue to support your channel!
Appreciate the detailed breakdown! 🧐 Just a small off-topic question: 😅 I found these words 😅. (behave today finger ski upon boy assault summer exhaust beauty stereo over). I don't know what they are. What should I do with them? 🤷♀️
Thank you! I have a better understanding now... you made it very simple to understand.
Wonderful to hear Sal! Thanks!
Good info in the video, I was looking for the difference between Ordinary and qualified Dividends, now I seem to get it. As a good American a I doing my Taxes at the last minute. Thanks for information.
Great content, as always! A bit off-topic, but I wanted to ask: I have a SafePal wallet with USDT, and I have the seed phrase. (air carpet target dish off jeans toilet sweet piano spoil fruit essay). Could you explain how to move them to Binance?
Can you make an updated video showing you inputting the stock and 1099-b info into your own software , I’ve had 1 client so far and there’s so much information and so many papers it’s a bit overwhelming knowing what’s actually important?
Hi there. Thank you so much for another very helpful video on this stuff. What software should I use? The free one through the IRS or which do you recommend? Other's input is welcome on this as well. Thanks!
Great video the BEST by far. Simple to understand thanks
Thank you! Very please to hear this.
Great video to watch before filing the taxes! Thank you!
Thank you Valley chatter! So glad it was helpful. More to come on tax reporting.
Thank you so very much. It is so so helpful. Appreciate your sharing.
Are you still planning on doing a video on the stock sales/ETF sales? I'm really looking forward to that!
Do you have a video on how to prepare an Income Statement for your accountant in order to file your Tax Return ? Thanks.
Great video! Thanks for the education. It is really helpful.
Great information and you make it easier to understand.
Thank you Susan! That is what I strive to do :)
WHAT ABOUT IF I PULL OUT MONEY FROM MY INVESTMENTS HOW DO I REPORT THAT ON MY TAXES ? THANK YOU SO MUCH FOR ALL THAT INFORMATIION
So I’m reporting this too H&R Block, do I have to report the 1099-MISC & 1099-B ?
Hi, H&R block should know how to handle your particular situation if you provide them all of your necessary documents.
Always helpful information
Thanks Susie!
Does my tax lady have to do the Qualified Dividends and Capital Gains worksheet? Otherwise, it seems like the ordinary dividends is simply added as income. Which means none is applied as qualified dividends.
you are so awesome! thank you so much, it is so helpful!
You're so welcome!
Thanks for the info.
I have a question on how to handle an RMD that was pulled back into the account. How do you handle the federal and state taxes that were outback into the account?
Hi David, I'm not 100% sure off the top of my head, but I would suspect those numbers would to be factored into whatever investment statements they provided you such as a 1099-R or 1099-B. However as I think about this more....if I am understanding you correctly I'm thinking perhaps there isn't anything to report if the money came out and then right back into the account? If you cannot see where the transaction has been reflected you might want to contact the broker and see if they can guide you as to where the transaction appears on your tax statements.
Thank you Mike! How can I file wash sale loss disallowed?
I am very confused abou it.
Hi Tracy, thanks for asking. I hope to show an example in the next part about reporting basic stock sales. Won't be ready by next weakened, but possibly by the 21st. In theory though the "wash sale" will be an adjustment to your gain or loss. Wash sales are "disallowed losses" meaning they will ADD back to to your taxable gain or loss. They will either increase your gain or reduce your capital loss. Hope that helps.
Correct me if I am wrong, in order to finish the 1040 form, one has to do a couple of worksheets, such as Social Security and Qualified dividends and capital gains...cause on line Line 9 ( 2021 ) version your asked to total those amounts up.
I'm looking for an answer to this question too.
📼 Checkout some of our most popular INVESTING and TAX related videos
✅ Earn $100,000 a year in dividends: ruclips.net/video/DWu3oU6dcBs/видео.html
✅ Dividend Investing Pros and Cons: ruclips.net/video/3gmbrO_PUt8/видео.html
✅ Our Dividend Income Year 6: ruclips.net/video/ppwnTGWNcUY/видео.html
✅ Best Investments for each account ruclips.net/video/WjlOmA-xWAU/видео.html
✅ Calculating dividend tax rates: ruclips.net/video/ldZaDdmcWtg/видео.html
✅ Making your dividends qualified!: ruclips.net/video/YmYcxDLzXyY/видео.html
✅ How to save taxes on stocks: ruclips.net/video/_gaJ6jXgGb4/видео.html
✅ Capital Gain Taxes Explained: ruclips.net/video/BCQYorPgDKs/видео.html
✅ New Tax Laws for 2020 Explained: ruclips.net/video/ewhbBCRvIO0/видео.html
✅ Dividend and REIT Taxation: ruclips.net/video/Y0OxeCS3_H4/видео.html
✅ How to fill out the new 2020 W-4 ruclips.net/video/_VPjX0dDTgs/видео.html
🎥 My Complete Investing Playlists can be found here:
► Dividend Investing: shorturl.at/gxBFY
► 401(K) Investing: shorturl.at/fwAW8
► Investing in the stock market: shorturl.at/iuyEQ
Off topic question but when your clients come with a 1099 from the brokerage do you run the 8949 through a software or do you input it all manually?
Hi Ryan, depends on several factors, however, there is usually some form form of manual input, but there are software programs available that can read the 1099'Bs. That being said, if I can avoid the 8949 I usually try to.
@@MoneyandLifeTV How does one avoid it? I've been selling options in a taxable and I don't want to go too crazy wit it if it's going to be a hassle although I am making pretty good money
If your broker sends you an updated 1099-B after you filed and got your refund. If it gives you more of a refund, (changes more dividends to qualified) but not enough to justify the cost of refiling, do you have to amend your return?
Great question, not necessarily. However, if it would give you more of a refund you might weigh the time/cost to amend versus the size of the additional refund. Not sure if you know about superseded returns, but this would be easier then amending. I linked an article so you can see what I'm referring to. Hope this helps.
patellawoffices.com/blog/planning-for-tax-minimization/how-to-fix-an-erroneous-filed-tax-return-without-penalties/#:~:text=The%20ability%20to%20file%20a,such%20a%20return%20has%20passed.
Hi man I have a quick question. I'm 17 and have a yt channel that is making some money. I have to pay taxes on it, but on my parents tax rate even though I earned the money. That's gonna be like 37 percent with self employment. Is there anyway I can pay my own tax rate?
Hi Pedro, in order to help you, what was your net profit from RUclips? Is it less than the standard deduction? Generally speaking if you made less than $12,400 you would not having a filing requirement. www.irs.gov/pub/irs-pdf/i1040gi.pdf see the 1040 instructions link here and go to page 10/111 If you made more than $12,400 net profit from RUclips then you will need to file your own return. Self employment taxes will still apply unfortunately, however, I don't think you will be stuck paying the top rates. I could be wrong, but don't think so.
@@MoneyandLifeTV I made under that amount, but to have an adsense account u have to be under 18, so technically it's my parents ad sense account even though I'm earning the money
I love your tax videos.
very informative!
So wait.. you don't have to do a separate 1099DIV for each individual stock that pays a distribution, just a single one for your brockerage account that has all of your stocks in it?
Yep
@@MoneyandLifeTV well crap, I was over doing if the wrong way the past few years ;D
I get 1099DIV form one co is in Canada inheritance from deceased father. I both USA and Canada deduct taxes I just file USA and get full refund how can I get Canada refunds? Canada tax is a bit over 30 percent not using the tax treaty lesser one of about 15. I pay no tax on low social security.
What about not receiving dividends from 1974 till present from private government pension
Great question, pension income would be reported differently using the tax statement they provide called a 1099-R
Thank you
I started my taxes like 3-4 weeks ago and i uploaded my paperwork from m1 and fundrise to turbotax, but then it started asking me questions i dont understand. I am still waiting to understand.
Thanks :)
🤝🤗🤝
My pleasure Vogas, thanks so much!
Are you a musician? Looks like some great sound proofing on your walls.
Hey Mike,
👍👍👍👍👍
How report options taxes
this is why most people talk to tax professionals.
Brokers send it on line now..if you sign up for E delivery
This is true :)
Help me by answering my question below thanks
Another extremely informative video! It really helps a lot. thank you!
thank you
Welcome!