Скачать или смотреть 🚨 3 Steps to Resolve Double Taxation Issues!

Are you facing double taxation from 401(k) non-discrimination test failures? 🤔 Don't worry, we've got you covered!

In this video, we dive into the commonly overlooked issues surrounding 401(k) non-discrimination test failures and how they can lead to double taxation for employees. When your company's plan fails these tests, it may result in corrective distributions that can complicate your tax situation. You might find yourself dealing with extra taxes and penalties due to incorrect reporting.

⭐ **The Problem**: When excess contributions are returned, they are taxed in the year received, which can cause confusion if reported incorrectly on your W-2.
⭐ **Common Mistakes**: The most frequent error is employers reporting these amounts on the wrong year's W-2, leading to potential double taxation for you, the employee.
⭐ **Key Solutions**:
1. Correct your W-2 with your employer.
2. Ensure your 1099-R reporting is accurate to avoid extra tax liability.
3. Seek professional tax help if needed!

📈 Learn how to prevent this from happening in the future and ensure your tax filings are correct, all while holding your employer accountable for reporting errors.


00:00 Introduction
00:18 Agenda
00:35 The Problem
01:01 Quiz
01:27 Quiz Answer
01:38 Key Points
01:57 Solutions
02:23 Prevention
02:42 Summary
03:05 Conclusion