2022 UPDATE: Traditional IRA Deductibility AGI Phaseouts: Taxpayer covered by an employer plan: S/HOH: $68,000 - $78,000. MFJ/QSS: $109,000 - $129,000 Taxpayer not covered by employer plan, but spouse is: MFJ: $209,000 - $224,000 Roth IRA Contribution AGI Phaseouts : S/HOH: $129,000 - $144,000. MFJ/QSS: $204,000 - $214,000 This video defines what an IRA (Individual Retirement Arrangement) is and goes over the rules for contributing to them. To learn more about the different between traditional and Roth retirement accounts, click here: If you're wondering how Adjusted Gross Income is calculated, click here: Additional resources: IRS Publication 17: "Your Federal Income Tax": IRS Publication 590-A: "Contributions to Individual Retirement Arrangements (IRAs)": IRS Schedule 1: "Additional Income and Adjustments to Income": IRS Form 8606: "Nondeductible IRAs": The Tax Geek on Twitter: @taxgeekusa The Tax Gee
Timothy Sumer is a philanthropist and motivational speaker empowering young entrepreneurs across the nation. He speaks on starting new businesses and the importance of branding in the digital age. Timothy Sumer has a BA in Accounting from NYU and a Masters in Information Technology from MIT. Tim enjoys traveling around the globe, driving exotic sports cars, molecular gastronomy, exploring new cultures, and keeping on top of the latest technology trends. Hope you enjoy Timothy Sumer's page :)