Timothy Sumer

Traditional IRA vs Roth IRA Part #1 - Tax Deduction Traditional IRA is tax deductible Roth IRA is NOT tax deductible Part #2 - Are withdrawals taxable? Traditional IRA withdrawal is taxable. Roth IRA withdrawal is taxable. Part #3 - Contribution Limits Both Traditional and Roth IRAs 2022: $6,000 ($7,000 if you are over 50 years old) 2023: $6,500 ($7,500 if you are over 50 years old) Part #4 - Penalties Traditional IRA - 10% penalty plus you have to pay taxes on the withdrawal for any withdrawal before the age of 59 ½ Roth IRA - no penalty or taxes owed for any contributions withdrawn, but any earnings (anything over the contributions) is subject to a 10% penalty plus taxes Check out Twitter 🧵 on IRAs: To continue learning more about this subject, check out the following: Traditional IRA vs Roth IRA: What's the Difference? Learn How to Analyze Your Investment Portfolio and 401k (Stock and Bond Strategies) What are Investments: Breaking Down I...

Are you considering opening a Roth IRA account? If so, you may be wondering if you can take a tax deduction on the contributions you make. In this video, we'll answer this question and more! If you're a business owner, you may be interested in learning about the tax deduction available on a Roth IRA. In this video, Dustin from OmniStar Financial Group will show you how, if you're a business owner and a parent, you can use a Roth IRA for even more tax savings!... ( read more ) LEARN MORE ABOUT: IRA Accounts TRANSFER IRA TO GOLD: Gold IRA Account TRANSFER IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA As tax season approaches, many individuals are searching for any possible ways to reduce their tax liability. One often-overlooked option is the ability to get a tax deduction on a Roth IRA contribution. Traditionally, Roth IRA contributions are made with after-tax dollars, meaning that there is no immediate tax benefit. Howev...

In this video I am going to Easily Explain what is a Roth IRA? What is a Traditional IRA? What are the similarities between a Roth IRA vs Traditional IRA? What is better a traditional IRA or a Roth IRA? Which should you choose a Traditional IRA or a Roth IRA? Both of these accounts are individual retirement accounts, which means you can have them in ADDITION to your employer sponsored retirement plans such as your 401k, 403b, etc. The deadline to contribute to both of these accounts is April 15th - because there are contribution limits! Both the traditional and the ROTH IRA, the max you can contribute to it is $6000 per year as of 2021, and $7000 per year if you're over the age of 50. You cannot contribute $6000 each to both a ROTH and the Traditional IRA, the max contribution is $6000 across both accounts. The biggest difference between the ROTH IRA and the Traditional IRA is how they are taxed. In a TRADITIONAL IRA, your get a tax deduction for your contributions dire...

What is a Roth IRA vs a Traditional IRA? What are the differences between the two and which one is the best fit for your finances? Let's break down the two different types of IRAs (Individual retirement account ) to better understand what's going on. - IRA contribution limits - IRA withdrawal restrictions - Important ages to know for an IRA - Roth IRA vs Traditional IRA, which should you invest in? #rothira #traditionalira #retirement 🔥Join this channel to get awesome perks🔥 🔥Or support us on Patreon🔥 ☑️Love our content? Subscribe!☑️ ☑️Our website: Follow us: Facebook: Instagram: Twitter: DISCLOSURE: We are not financial advisers. The ideas presented in this video are for entertainment purposes only. Although the information is researched and vetted beforehand, it may not be up to date at the time of viewing. Please do your due diligence and research on the topic. You (and only you) are re...

Roth IRA Contribution Limits for 2020 and 2021. Discusses the maximum contribution amounts for each year, catch-up contributions, MAGI income limits and phaseouts, spousal Roth IRAs and more! Links in this video: retirement planning Insights - Taxes in Retirement - #RothIRA #RetirementPlanning #FinancialPlanning DISCLAIMER: This video is only helpful hints and education. It is not specific tax, legal or investment advice. Before considering acting on anything you see in this video, first consult with your tax, legal or investment advisor. While the information expressed in this video is believed to be accurate, neither Andy Panko, CFP®, RICP®, EA nor Tenon Financial LLC make any guarantees to its accuracy.... ( read more ) LEARN MORE ABOUT: IRA Accounts CONVERTING IRA TO GOLD: Gold IRA Account CONVERTING IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA Roth IRA Contribution Limits for 2020 and 2021 Are you considering investing ...

Roth IRAs are a great retirement planning tool for many taxpayers. Contributions to a Roth IRA are not tax-deductible, however, the earnings can grow tax-free, and distributions from a Roth IRA at retirement are tax-free as well. Roth IRAs, however, are not available for certain taxpayers with Modified AGI above certain thresholds. View our video on Traditional IRAs: Subscribe to the channel for more episodes and tutorials. Purchase our tax guides and tutorials here: Check out our website for more posts: Need more help? Schedule a consultation: Follow Jason here: Twitter: Instagram: TikTok: LinkedIn: Patreon: Quora: #IRS #IRA #RothIRA DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-clien...

There is an income limit when funding a Roth IRA. But be aware, this is your AGI, not just your earnings. What should you do if you contributed when you weren't supposed to and what other investing tools can you use instead? Have a question for the show? Call or text 574-222-2000 or leave a comment! Want to speak with a Certified Financial Planner™? Visit or call 574-247-5898. Find more information about the Wise Money Show™ at Be sure to stay up to date by following us! Facebook - ​ Twitter - ​ Instagram - Want more Wise Money™? Read our blog! ​ Listen on Podcast: ​ Subscribe on YouTube: Mike Bernard, CFP® offers advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. This information is for general financial education and is not intended to provide specific investment advice or recommendations. All investing and investment strategies involve risk including the potential loss of principal. Asset allocation & di...