Timothy Sumer

Hey Youtube Family, Welcome back to another video! So today we will be discussing what exactly an IRA is? An individual retirement account (IRA) is a tax-advantaged investing tool that individuals use to earmark funds for retirement savings. The original idea for the IRA was initiated in 1974 and was only allowed to be opened strictly through financial institutions. It also was not deductible and limited to an annual contribution limit of 1500 dollars. Despite these limitations, the IRA was very popular garnering over 1.5 billion in investments in its very first year in existence, tripling that number to 5 billion dollars in investments by 1981. Today, that number has hit the 10s of Trillions with approximately 1/3 of American households holding an IRA. I hope this video was super helpful to you. If so definitely SMASH THE LIKE BUTTON, COMMENT, and SUBSCRIBE for weekly content like this. Also, if you have any suggestions or you appreciate some of the edits that I have ma

Savers Tax Credit: How to get a retirement plan savings contribution credit for your IRA, 401k, or employer sponsored retirement plan Putting aside money into your IRA, 401k, or employer sponsored retirement plan has many benefits, such as The Savers Tax Credit. By making eligible contributions to an employer retirement account you can receive tax benefits, up to 50%. The maximum credit amount is $2,000 or $4,000 if married filing jointly. SAVERS TAX CREDIT REQUIREMENTS You're eligible for the credit if you're: 1. Age 18 or older: 2. Not a full-time student 3. Not claimed as a dependent on another person’s return The amount of credit you receive is determined by your adjusted gross income, and your filing status. Example: If you are single with an AGI of $20,751 - $32,000 and contributed $10,000 you will receive $1,000 , because your tax credit rate is 10%. If you are single with an AGI not more than $19,250 and contributed $10,000 you will receive the m