Timothy Sumer

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

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"