Federal Tax Withholding REPORTING EXPLAINED 💰 For (W2s, Investments, 1099's, Unemployment, ETC!)💸

Federal Tax Withholding Explained: Federal Tax Withholding Reporting Explained for W2s, 1099's, Unemployment, and More!

#Taxes #w2 #withholdings #incometax

How to report Federal tax withholdings on your tax return.

⌚ Time Stamps so you can jump to any point in the video
►1:00 - 2:50 Explaining withholdings and examples of different forms where money can be withheld.
►2:50 - 5:00 Locating withholdings on your 1040 tax form
►4:40 - 8:50 Fully example of reporting different types of withholdings
►8:50 - 11:46 Reporting other types of withholdings on line 25C and checking your work.

📼 Checkout some of our most popular INVESTING and TAX related videos

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[MoneyandLifeTV]

Hope you all find this helpful. I get questions ALL the time about withholdings. Finally have a video walkthrough for you all. Thank you for the incredible support on the channel this season. Pretty sure we will 70, 000 subs strong within the next month! Love you all have a beautiful Sunday. Time Stamps below!

[jadenardini]

I push like button because your video is so good to understand withholding. Thanks ~

[CGAZ]

Good info, but how about paying quarterly taxes on stock sales info on that?

[strangergranger]

You deserve my like. Very informative video.

[DansBlues]

Well done in explaining the withholding. I’ve have seen withholding on Interest 1099’s. I thought you broke it down nicely. I liked that you didn’t go into estimated payments. That is a whole other video.

If you asked me they ruined the 1040 in 2018. All to get taxes on a postcard. Yeah right. Getting rid of The A and Ez 1040 was good. I never used them anyway. Oh well a pet peeve and had to vent.

Keep up these great videos.

[lindaponce]

Thank you so much for your time, blessed you for sharing your knowledge's.

[bryanduhaney]

Great video, Mike! Another classic. I was wondering about a potential topic, removal of excess contributions to either HSA or IRA and how to correct it and report the correct. I had contributed 50 dollars to my HSA for 2020 and did not know what to do, since the end of the year has passed. I think it is resolved, but I had a panic moment when I was filing my taxes. Other topics: (1) Report of Sale of Crypto, (2) The art of tax planning for the year. You are the man!

[daveschmarder-US]

Good Sunday to you, Mike. I got my last 1099 in last week and was able to finish my return. I'll wait for 3 more weeks in case I get one of those nasty adjustment papers. A former brokerage did that to me one year and had to file an amended return.
I have one more year before it is RMD time. (Hoping they will raise the age to 75) :)

[MoneyandLifeTV]

⌚ Time Stamps so you can jump to any point in the video
►1:00 - 2:50 Explaining withholdings and examples of different forms where money can be withheld.
►2:50 - 5:00 Locating withholdings on your 1040 tax form
►4:40 - 8:50 Fully example of reporting different types of withholdings
►8:50 - 11:46 Reporting other types of withholdings on line 25C and checking your work.

[Raw_Roots]

My fantastic CPA passed away last year. I went to H&R Block, she used a different form for every stock broker I use. I was shocked. It was 800 bucks.

[mariachaires]

This is awesome thank you!! Can I suggest a quick detail breakdown of the california state tax form 540? I usially basically just put in info in system but hardly ever look at the tax one

[emeilegypt]

Hey Mike, awesome content with great analysis! thank you

[tobahero]

Hi Sir, have you done a video on pros and cons of doing itemize tax return for married couple? If you have can you post a link to the video? Thanks.

[idolgenius]

Spouse and I receive W2 income-FT jobs-we both claim "o" but....
We have 2 different 1099 income sources:
1.) Rental income with little to no deduction other than depreciation...
2.) Side job both of which add a total of about 20-25K/year.

What is the income threshold where we need either need to withhold more Fed withholding from our W2's or pay in extra so we don't get penalized?

Thanks for your help Mike

[PedroSchmith]

I really need help man. I am a minor making money on yt, and have to pay taxes. The problem is I have to likely pay my parents tax rates. Anyway to pay my own tax rates?

[mlee]

Hi Mike, do you provide tax prep and planning? If so, can you please share the URL for your site :-)

[smokyjoerob]

So if my federal income tax withholding is zero, will I be getting a refund!?

[luisahernandezmunoz]

Hi how are you thanks for your job I wish you have your office or firm in Virginia I will be you client every tax year. I went to do my taxes and I ask you for the tax savers you mention in one of your videos to my tax person it seems this person didn’t know about what I was taking I took my form from work which it was explaining the contribution for HSA and traditional 401k and I print separate my tax form from Roth IRA which was showing my contribution

[MoneyandLifeTV]

📼 Checkout some of our most popular INVESTING and TAX related videos

🎥 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

[rollinOnCode]

why in the world would you want to maximize your witholdings? that is giving the state a no interest loan that you have to beg for a chance to get a sliver back