Timothy Sumer

In this session, I discuss retirement saving contribution credit. ✔️Accounting students or CPA Exam candidates, check my website for additional resources: 📧Connect with me on social media: #cpaexam #cpaexaminindia #cpaexamreview... ( read more ) LEARN MORE ABOUT: Qualified Retirement Plans REVEALED: How To Invest During Inflation HOW TO INVEST IN GOLD: Gold IRA Investing HOW TO INVEST IN SILVER: Silver IRA Investing Retirement Savings Contributions Credit: A Tax Break Worth Knowing retirement planning is an essential aspect of financial stability and security, particularly as one approaches their golden years. It is crucial to save and invest wisely to ensure a comfortable retirement, and the government recognizes this by offering various tax incentives for retirement savings. One such incentive is the Retirement Savings Contributions Credit, commonly known as the Saver's Credit. The Saver's Credit is a tax credit designed to enc

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

As part of the gigantic $1.7 BILLION spending bill, the SECURE 2.0 Act introduces several important provisions that should help retirement savers across the nation. On this episode of Adam Live, IRA Financial founder, Adam Bergman, Esq. will discuss the impact that SECURE 2.0 will have on Self-Directed IRA retirement accounts, and how you should prepare. Join us LIVE on Wednesday, January 4th at 12PM EST! -- About IRA Financial: IRA Financial Group was founded by Adam Bergman, a former tax and ERISA attorney who worked at some of the largest law firms. During his years of practice, he noticed that many of his clients were not even aware that they can use an IRA or 401(k) plan to make alternative asset investments, such as real estate. He created IRA Financial to help educate retirement account holders about the benefits of self-directed retirement plan solutions. IRA Financial is a retirement account facilitator, document filing, and do-it yourself document service, n

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"

Basics on the credit calculation... ( read more ) LEARN MORE ABOUT: Qualified Retirement Plans REVEALED: How To Invest During Inflation HOW TO INVEST IN GOLD: Gold IRA Investing HOW TO INVEST IN SILVER: Silver IRA Investing https://inflationprotection.org/qualified-retirement-savings-contributions-credit-savers-credit/?feed_id=37647&_unique_id=636b8c688e4ee #Inflation #Retirement #GoldIRA #Wealth #Investing #Credit #QualifiedRetirementSavingsContributionsCredit #Saver’sCredit #QualifiedRetirementPlan #Credit #QualifiedRetirementSavingsContributionsCredit #Saver’sCredit