COVID-19 Distribution Tax Forms!!!
If you took a COVID distribution from a retirement account, IRA, 401(K), in 2020, you will have to report it on your taxes. Here are the special tax forms that you will need to report your COVID distribution.
DISCLOSURE: This is for educational purposes only. This is not tax advice. For tax advice, please consult your tax professional.
About Michael……...
Hi, I’m Michael Ruger. I’m the managing partner of Greenbush Financial Group and the creator of the nationally recognized Money Smart Board blog . I created the blog because there are a lot of events in life that require important financial decisions. The goal is to help our readers avoid big financial missteps, discover financial solutions that they were not aware of, and to optimize their financial future.
If you inherited an IRA or other retirement account from a non-spouse after December 31, 2019, the SECURE Act’s 10-year rule may create a major tax event in 2030. Many beneficiaries don’t realize how much the account can grow during the 10-year window—potentially forcing large taxable withdrawals if they wait until the final year. In this article, we explain how the 10-year rule works, why 2030 is a high-risk tax year, and planning strategies that can reduce the tax hit long before the deadline arrives.
Trump Accounts are a new retirement savings vehicle created under the 2025 tax reform that allow parents, grandparents, and even employers to contribute up to $5,000 per year for a minor child — even if the child has no earned income. In this article, we explain how Trump Accounts work, contribution limits, tax rules, planning opportunities, and the key considerations to understand before opening one.
The IRS allows grandparents to give up to $19,000 per grandchild in 2025 without filing a gift tax return, and up to $13.99 million over their lifetime before any tax applies. Gifts are rarely taxable for recipients — but understanding Form 709, 529 plan rules, and tuition exemptions can help families transfer wealth efficiently and avoid IRS issues.
Even the most disciplined retirees can be caught off guard by hidden tax traps and penalties. Our analysis highlights five of the biggest “retirement gotchas” — including Social Security taxes, Medicare IRMAA surcharges, RMD penalties, the widow’s penalty, and state-level tax surprises. Learn how to anticipate these costs and plan smarter to preserve more of your retirement income.
Many people fund their donor-advised funds with cash, but gifting appreciated securities can be a smarter move. By donating stocks, mutual funds, or ETFs instead of cash, you can avoid capital gains tax and still claim a charitable deduction for the asset’s full market value. Our analysis at Greenbush Financial Group explains how this strategy can create a double tax benefit and help you give more efficiently.
Healthcare often becomes one of the largest and most underestimated retirement expenses. From Medicare premiums to prescription drugs and long-term care, this article from Greenbush Financial Group explains why healthcare planning is critical—and how to prepare before and after age 65.
Retirement doesn’t always simplify your taxes. With multiple income sources—Social Security, pensions, IRAs, brokerage accounts—comes added complexity and opportunity. This guide from Greenbush Financial Group explains how to manage taxes strategically and preserve more of your retirement income.
Hiring your child in your business can reduce family taxes and create powerful retirement savings opportunities. Greenbush Financial Group explains how payroll wages allow Roth IRA contributions, open the door to retirement plan participation, and provide long-term wealth benefits—while highlighting the rules and compliance concerns you need to know.
Missing a Required Minimum Distribution can feel overwhelming, but the rules have changed under SECURE Act 2.0. In this article, we explain how to correct a missed RMD, reduce IRS penalties, and file the right tax forms to stay compliant.
Missing a Required Minimum Distribution can feel overwhelming, but the rules have changed under SECURE Act 2.0. In this article, we explain how to correct a missed RMD, reduce IRS penalties, and file the right tax forms to stay compliant.