Timothy Sumer

Traditional IRA is a retirement plan that many people should make use of if they do not have a retirement plan offered at their jobs/careers. Because of its name, and also its inner-workings, this plan is often confused with 401ks and IRA Roths. Even though the Traditional IRA share similarities between both the 401k and IRA Roths, there are clear differences between it and the others listed. In this video I am breaking down what a Traditional IRA is, how it can be used to generate wealth for retirement, and also how it can be used to save you money on taxes at the end of the year. Although the Traditional IRA is a good vehicle to use for deducting total funds in taxes, it can be difficult to do so if you or your spouse is already making use of a retirement plan offered at your/their job. If that is the case for you, then here is a link to take you a website that should help with calculations. For the rest of you guys an gals, saving money on your taxes will be simp

A Traditional IRA sounds so simple, yet can be so confusing. In this video, I explain what a Traditional IRA is, how it works, and the rules that are set in place. For 2020, a lot has changed when it comes to accessing retirement accounts. This video is based on the general rules and not the temporary changes. Ready to start investing or looking for financial advice: **Disclaimer** This video and channel and the information contained herein is not intended to be a source of advice or analysis with respect to the material presented, and the information and/or documents contained in this video and channel do not constitute investment advice... ( read more ) LEARN MORE ABOUT: IRA Accounts INVESTING IN A GOLD IRA: Gold IRA Account INVESTING IN A SILVER IRA: Silver IRA Account REVEALED: Best Gold Backed IRA A traditional IRA (Individual retirement account ) is a retirement savings plan that allows individuals to save money for retirement on a tax-deferre

Traditional IRAs are a great retirement planning tool for many U.S. taxpayers. Traditional IRAs allow taxpayers to contribute funds to a retirement account , where the investment earnings will grow tax-deferred until the individual turns 65 and starts to draw retirement distributions from the account. A traditional IRA can be created by any U.S. person, regardless of income limits, or whether the person is already covered by a retirement plan at work. What individuals need to be mindful of is the deductibility of their contributions. View our video on Roth IRAs: 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 #TraditionalIRA DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor

Have you ever wondered "What's the difference between a Traditional and Roth IRA?" If this thought has crossed your mind and want to know more, this is the right video for you! In this video we take a look at what exactly the Traditional and Roth IRA's are. To start we’ll cover the basics and go over an IRA explanation. Next, we look at the major similarities and differences between the two accounts. Lastly, we explore the pros and cons of both and look at which would be a better fit for you. Tax 101 video: www.youtube.com/watch?v=P026NYopbHc Link to IRS chart showing the Traditional IRA early withdrawal penalty exceptions: Disclaimer: Hustle Libraries is not engaged in the provision of legal, financial, or tax advice. This video is solely for informational purposes, it is not intended as a substitute for the advice of professional advisors. Please consult with a lawyer, CPA, or other professionals regarding any legal, financial, or tax decision you c