This video defines what an IRA (Individual Retirement Arrangement) is and goes over the rules for contributing to Traditional and Roth IRAs.
2023 UPDATE:
The IRA Contribution limit has been increased to $6,5000 ($7,500 if over age 50)
Traditional IRA Deductibility AGI Phaseouts:
Taxpayer covered by an employer plan:
S/HOH: $73,000 - $83,000. MFJ/QSS: $116,000 - $136,000
Taxpayer not covered by employer plan, but spouse is:
MFJ: $218,000 - $228,000
Roth IRA Contribution AGI Phaseouts
:
S/HOH: $138,000 - $153,000. MFJ/QSS: $218,000 - $228,000
To learn more about the different between traditional and Roth retirement accounts, click here: • Traditional or Roth?
If you're wondering how Adjusted Gross Income is calculated, click here: • What is Adjusted Gross...
Additional resources:
IRS Publication 17: "Your Federal Income Tax": www.irs.gov/pu...
IRS Publication 590-A: "Contributions to Individual Retirement Arrangements (IRAs)": www.irs.gov/pu...
IRS Schedule 1: "Additional Income and Adjustments to Income": www.irs.gov/pu...
IRS Form 8606: "Nondeductible IRAs": www.irs.gov/pu...
The Tax Geek on The Site Formerly Known as Twitter: @taxgeekusa
The Tax Geek on Reddit: www.reddit.com/r/askataxgeek
Intro and background music: “Bluesy Vibes” - Doug Maxwell - KZitem Audio Library
DISCLAIMER:
The information presented in this video is for informational and educational purposes only, and is not intended to render tax advice for specific situations. If you have questions about your specific tax situation, please consult the resources linked above or consult with a qualified tax professional in your community.
The information contained in this video is based on tax law and IRS regulations as of the date of publication, and may be subject to change.
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