Timothy Sumer

In this video we go over how to report a Backdoor Roth IRA contribution on your tax return using the TurboTax software online. We go over the Form 8606 on the tax return to report the nondeductible traditional IRA contribution, then converting the traditional IRA to the Roth produces a Form 1099-R with a code 2 which we then report on the tax return. 800-245-0596 --------------------------- Amount of Roth IRA Contributions That You Can Make for 2022: Amount of Roth IRA Contributions That You Can Make for 2023: /// Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live). #turbotax #rothira #backdoor... ( read more ) LEARN MORE ABOUT: IRA Ac

///////////////////////////////////////////////// Get answers FASTER... Join this channel to get access to perks: Chat on discord: Join Link Support on Patreon: Get IRS FORM W4 TAX WITHHOLDING HELP HERE ----------------------------------------------------- Are you ready for professional investment advice? We can help you with financial planning and asset management. Let us guide your investments to your financial freedom. START HERE Our financial planning process is an ongoing relationship because as you grow, your financial plan grows with you. At Sickle Hunter Financial Advisors, we believe that saving and making sound financial decisions will help improve your life’s changing needs and objectives. Retirement, college planning, wealth building, social security, and career benefit packets are only a few of the financial decisions that you may face in your lifetime and we’re here to help guide you. TRAVIS T SICKLE, CFP®, EA®, AAMS®, CRPC®, RICP® CERTIFIED FINANCIAL

Are you currently or thinking about completing a Backdoor Roth IRA Conversion? In theory, it's a simple and effective financial transaction. However, there are 3 important tips you need to be aware of. Reporting on tax form 8606 Aggregation Rules Steps Transaction Doctrine ... ( read more ) LEARN MORE ABOUT: IRA Accounts CONVERT IRA TO GOLD: Gold IRA Account CONVERT IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA If you're thinking of starting a conversion to a Backdoor Roth IRA, there are a few things you need to take into consideration before you do so. This process can involve a bit of paperwork and can get confusing at times. However, if you follow the right tips and advice, the conversion process can be more seamless and effective. In this article, we'll share three backdoor Roth IRA conversion tips that will help you complete your conversion in good order. 1. Understand the requirements Before you start the con

How to report a non-deductible contribution to Turbo Tax. I noticed a lot of folks were having the same problem I did. If Turbo Tax doesn't prompt you to give this information the first time around you have to go back and find it yourself. Here's how I solved the problem and I hope it helps you!... ( read more ) LEARN MORE ABOUT: IRA Accounts CONVERT IRA TO GOLD: Gold IRA Account CONVERT IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA Individual Retirement Accounts (IRAs) offer a great way to save for retirement while enjoying tax benefits. IRAs come in two types: deductible and non-deductible. While a deductible IRA contribution can reduce your taxable income, a non-deductible IRA contribution cannot. If you have made a non-deductible IRA contribution, you will need to report it on your tax return. The good news is that TurboTax, the popular tax preparation software, makes it easy to report non-deductible IRA contributions.

How are taxes paid on a $12,000 backdoor Roth Conversion? ///////////////////////////////////////////////// Get answers FASTER... Join this channel to get access to perks: Chat on discord: Join Link Support on Patreon: ----------------------------------------------------- Are you ready for professional investment advice? We can help you with financial planning and asset management. Let us guide your investments to your financial freedom. START HERE Our financial planning process is an ongoing relationship because as you grow, your financial plan grows with you. At Sickle Hunter Financial Advisors, we believe that saving and making sound financial decisions will help improve your life’s changing needs and objectives. Retirement, college planning, wealth building, social security, and career benefit packets are only a few of the financial decisions that you may face in your lifetime and we’re here to help guide you. TRAVIS T SICKLE, CFP®, EA®, AAMS®, CRPC®, RICP® CERT

In this video, I'm explaining the Pro Rata Rule and calculating the taxable portion of a backdoor Roth IRA conversion. Go slow, use a calculator and keep records of your calculations with your taxes. 0:00 Intro 0:15 Pro Rata Rule Formula 2:14 Pro Backdoor Roth Conversion Example 3:14 Pro Rata Formula Example 5:11 Important numbers for Pro Rata Formula 5:48 IRS Form 8606 ///////////////////////////////////////////////// Get answers FASTER... Join this channel to get access to perks: Chat on discord: Join Link Support on Patreon: ----------------------------------------------------- Are you ready for professional investment advice? We can help you with financial planning and asset management. Let us guide your investments to your financial freedom. START HERE Our financial planning process is an ongoing relationship because as you grow, your financial plan grows with you. At Sickle Hunter Financial Advisors, we believe that saving and making sound financial decis

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