Timothy Sumer

The Retirement Savings Contributions Credit, or "Saver's Credit," can give and additional tax credit for low- to- moderate income taxpayers who save for retirement. The Credit can also give an immediate tax incentive for contributing to a Roth or other non-deductible account. This video describes the credit, who is eligible for the credit, and how the credit is calculated and reported on the tax return. 2022 UPDATE: AGI phaseout ranges for the Savers Credit: $41,000 - $68,000 (MFJ); $30,750 - $51,000 (HOH); $20,500 - $34,000 (S, MFS, QSS) ADDITIONAL INFORMATION AND RESOURCES: To learn more about 401(k) plans, click here: To learn more about the difference between traditional and Roth retirement accounts, click here: To learn more about IRA contributions, click here: IRS Form 8880: "Retirement Savings Contributions Credit": irs.gov: "Retirement Savings Contributions Credit (Saver's Credit)" (Covers additional details not g

Roth IRAs are getting increasingly popular as people see how sacrificing a small tax benefit now can lead to big tax savings later. This video reviews the guidelines for contributing to a Roth IRA, and shows how distributions are handled on the tax return. 2022 UPDATE: Roth IRA Contribution AGI phaseouts for 2022: $129,000 - $144,000 (S, HOH, QSS); $204,000 - $214,000 (MFJ) To learn the differences between traditional and Roth retirement accounts, click here: For a deep dive into what's on a 1099-R Form, click here: RESOURCES AND ADDITIONAL INFORMATION: IRS Form 8606: "Non-deductible IRAs": IRS Publication 590-A: "Contributions to Individual Retirement Arrangements (IRAs)": IRS Publication 590-B "Distributions from Individual Retirement Arrangements": Investopedia: "What is a Roth IRA?": The Tax Geek on Twitter: @taxgeekusa The Tax Geek on Reddit: www.reddit.com/r/askataxgeek Intro Music: "Bluesy Vibes"

Married people usually name their spouses as the beneficiary of their IRAs. so what happens when the surviving spouse actually inherits the IRA. Surviving spouses have options that non-spouse beneficiaries do not have, especially when it comes to taking Required Minimum Distributions. This video explains those options and gives guidance as to what is beneficial in what circumstances. 0:00 Introduction 0:57 Assumptions and terminology 1:52 SECURE Act changes 2:10 Options for surviving spouses 3:38 How the options work, using examples. 5:56 Conclusion Watch this video to learn about Required Minimum Distributions: This video is an overview of IRA Distributions in general: This video explains rollovers: Resources and Additional Information: IRS Publication 590-B: "Distributions from Individual Retirement Arrangements" (contains the life expectancy tables shown in the video): Bankrate.com: "Inherited IRA rules: 7 things all beneficiaries must know"