Hey there folks this is patrick king with prana wealth here on this channel we help you grow your wealth faster so that you can make work optional sooner if you're new here please consider subscribing i wanted to jump on real quick and make a video to go into a little bit more detail to help those who took ira distributions in 2024 using the cares act i know a lot of you commented on the you know the first video i made back last year letting you know that this strategy was available and then i made a video about the taxes earlier this year i'll post a card here it's more of a top-down explanation of how to file your taxes to take advantage of the cares act but i still get a lot of questions and i wanted to make a quick video to go into the form itself and give you a quick rundown of the mechanics of how to file your taxes again i am not a cpa or an accountant so you'll want to confirm all of this with your cpa and accountant before you file your taxes this is for educational and informational purposes only so without further ado let's jump into form 8515e hey there folks this is form 8915e this is the form you're going to want to include in your 2024 taxes if you took a 20 20 cares act ira distribution this tells the irs exactly what happened and is going to help you spread those taxes across the next three years instead of having to pay taxes all in one year so let's get uh let's get into this form real quick and we're gonna do it in an example format so let's say that i took...
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How to prepare Form 8848
About Form 8848
Form 8848 is a document used by certain individuals and organizations to authorize a third-party designee to receive specific tax information, act on behalf of the taxpayer, or perform certain actions related to the taxpayer's tax matters. The form is titled "Application for Act as a 3rd Party Designee" and is issued by the Internal Revenue Service (IRS) in the United States. Form 8848 is typically utilized by taxpayers who want to grant authority to a trusted person or organization to represent them in dealings with the IRS. This could include tax professionals, attorneys, accountants, or any other individual or entity authorized by the taxpayer. Some instances where Form 8848 might be required include: 1. Taxpayers who are unable to personally appear before the IRS and need a third party to act on their behalf in matters such as audits, appeals, or conferences. 2. Taxpayers who want to allow a third party to receive and review their confidential tax information, including returns, transcripts, or account information. 3. Corporations, partnerships, or organizations granting authority to a designee to handle tax matters that require participation or responses from the tax-exempt entity. 4. Trusts or estates appointing a third party to handle tax-related tasks on their behalf. It is important to note that not all taxpayers or entities require Form 8848. The need for this form primarily arises when there is a need for someone else to act on behalf of the individual or organization in relation to tax matters. It is advisable to consult with a tax professional or review the official IRS guidelines to determine if using Form 8848 is relevant to a specific tax situation.
What Is 8848 Form?
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