IRA 101: Contributions

Описание: This video defines what an IRA (Individual Retirement Arrangement) is and goes over the rules for contributing to Traditional and Roth IRAs.

2025 UPDATE:

The IRA Contribution limit has been increased to $7,000 ($8,000 if over age 50)

Traditional IRA Deductibility AGI Phaseouts:

Taxpayer covered by an employer plan:
S/HOH: $79,000 - $89,000. MFJ/QSS: $126,000 - $146,000
Taxpayer not covered by employer plan, but spouse is:
MFJ: $236,000- $246,000

Roth IRA Contribution AGI Phaseouts:

S/HOH: $150,000 - $165,000. MFJ/QSS: $236,000 - $246,000

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 Income? (and why is...  

Additional resources:

IRS Publication 17: "Your Federal Income Tax": https://www.irs.gov/pub/irs-pdf/p17.pdf

IRS Publication 590-A: "Contributions to Individual Retirement Arrangements (IRAs)": https://www.irs.gov/pub/irs-pdf/p590a...

IRS Schedule 1: "Additional Income and Adjustments to Income": https://www.irs.gov/pub/irs-pdf/1040s...

IRS Form 8606: "Nondeductible IRAs": https://www.irs.gov/pub/irs-pdf/f8606...

Intro and background music: “Bluesy Vibes” - Doug Maxwell - YouTube 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.