Watch for changes when filing taxes
Financial Focus
Friday, February 11, 2022
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As you prepare your tax returns before the April 18 filing deadline, you’ll want to be up to date on changes that could affect you. Here are some issues to discuss with your tax professional: • COVID-19-related distributions and recontributions – If you took a coronavirus-related distribution (withdrawal) from a retirement account, such as a 401(k) or IRA, in 2020 and chose to spread the amount equally over three years, you need to include the relevant part of the distribution on your 2021 tax return, so you should bring your 2020 Form 1099-R to your tax advisor.