Timothy Sumer

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"

#shorts #RothIRA #Retirement #personalfinance #retirementplanning Colin Exelby, CFP® explains why he believes Roth IRA Distributions will NEVER be taxed. Watch the Entire Video: ⬇️ DISCLAIMER : Celestial Wealth Management, LLC is registered as an investment adviser in the State of Maryland and Texas. Neither the information nor any opinion constitutes an offer or an invitation to make an offer, to buy or sell any securities or other financial instruments. This video is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the particular needs of any specific person. Investors should seek financial advice regarding the appropriateness of investing in financial instruments and implementing investment and planning strategies discussed in this video and should understand that statements regarding future prospects may not be realized. Nothing provided here constitutes tax advice. I