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Retirement tax questions
Life insurance is not taxable.
If you cashed out an IRA or 401k, you will receive a 1099-R from the custodian(s). The forms should be mailed by January 31. You might want to call and make sure the custodian has your correct address. The withdrawn funds are taxable.
What did you do for GoFundMe? If you asked for free money and made no promises, the money is a gift and gifts are not taxable. If you promised to do something in return (provide goods or services), then you are self-employed and you must report the income as taxable self-employment income on schedule C. You can deduct ordinary and necessary business expenses, and you pay income tax and self-employment tax on the net profit.
‎January 18, 2024
6:49 AM
736 Views