Traditional IRA explained | A quick explanation of the Traditional IRA and rules
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- Опубликовано: 29 сен 2024
- As always we get right to the point and cover all the details of the Traditional IRA.
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HAHAHHAAHAHAHAHAHAAH 70 and a half.. a minimum amount of money until u... until u ... hahaha
Hi, I have a question about IRA Contributions. In Taxact there is this question, "IRA Contributions - Type
Indicate below which type(s) of IRA contributions you made (or will make) for 2022. IRA contributions for 2022 must be made by April 18, 2023. If you made contributions to a traditional IRA and a Roth IRA, check both boxes.". On 2022 I only contribute pre-tax on my 401k. Is the above apply to me or not? Thank you.
I’ll just say options should never have been added to IRAs 😭 blew my whole Roth 2 years ago I regret it so much
Best explanation I've seen, thanks!
I've had 2 different financial advisors with 2 companies. Both mismanaged my money. Im gonna try yo manage my accts myself
So you get to pick which type or IRA (traditional or Roth) want when you sign up for an account or is it dependent on your employer? Also for the tax deductible contributions will I get a form in the mail/email or do I have to keep track of the amounts?
It has nothing to do with your employer. This is a fully individual and independent investment fund
Do I contribute from my paycheck? Isn't it already taxed at that point?
Thumb up …. is for the last ….. breath sign. 👍👍👍👍👍
Do you have an IRA yourself?
they counting it as income is fucked up, when you think about it.
Soo helpful!
You are great at explaining these products. Crystal clear now. Thanks for making the videos.
thanks for watching!
Can I do a rollover from my Pension to an IRA and withdraw that money after ? Want to pay my house mortgage off. I’m young enough not to be thinking about retirement yet. But can pay off my house with my pension, but pension that I have won’t let me withdraw any money until retirement.
I'm sorry - so if I take it out before 59.5 I will be taxed. And if I take it out *after* 59.5 I will be taxed. Why even mention the number 59.5 then?
what about married couples what is the limit for younger than 50. year 2019 and 2020
$6,000 each for either year
great video, horrible outro xD
Can traditional ira take back northern ireland?
Do you think its a good Idea to open a IRA if your basically living pay check to pay check like most Americans are?
Yes bro
$1 a day
Huh? I thought you get a 40% penalty Everytime you take out before 59 1/2 years of age???
What if i made $6000 in capital gains this year. Can i move that money into traditional IRA and defer the taxes until retirement?
not if that money was from a taxable brokerage account
Well I really want to lower my tax bill for the next couple years. I already put money in a 457. I'm looking to put some in the IRA. I want all my money and as less as possible to go to irs
The most important point is to save for your retirement. Roth vs. traditional is all about pay me (government) now, or pay me later. Save save save save!. I never knew that there is huge investment benefits if you have an IRA account so I did further research into the topic and discovered how many American have been getting huge investment rewards through their IRA accounts. My life after retirement is now guaranteed! You can talk to Lance via Binaryreap3r@gmail,com for details
Was trying to find the Irish Republican Army but now I have a secure retirement fund
Thanks!!
These videos are great! Very simple and straightforward. It's a shame they do not get more views. Shows how much people care about investing, I guess :(
yeah I may never be famous but I know I like short videos that are specific to what I want to learn so I hope it helps!
So if I contribute $1000 to a traditional IRA in the 25% tax bracket, do I deduct $1250? I've been having trouble wrapping my head around how your not losing money when you contribute to a traditional IRA.
No you deduct $1000 which technically saves you from paying tax on the $1000 of income that you would have paid ;)
With the hypothetical 25% federal tax bracket you "saved" or deferred $250 in federal tax. Actual federal tax brackets are 22% and 24%.
@@Jazzwealth by savi ng from paying taxes on that account you mean the tax credit when you file your taxes, right?
Isn’t investing in stocks, bonds etc the same as taking money out of an IRA to do that?
No
Finally, I understand
I have no idea, but let me guess if I wanted to invest, I can buy something then tie it to my IRA? But the money in IRA that cannot be invested, once it's there it has to sit?
I am still so confused as to what the best option is for my money. I think I need someone to advise me on what to do.
do you have a job that offers a company 401(k) with a match?
Can a profit sharing investment be transferred over to a ira?
So the money I put in my traditional IRA has already been taxed from my paycheck, and when I retire, IRS will tax my withdrawal. So does that mean, I get tax a second time on the same money I've been depositing all these years that's already been taxed?
You were suppose to deduct the traditional IRA on your tax form and that would've made it "untaxed".
Thanks for the video and information, very helpful! What steps do I need to take in order to move my 401k over into an IRA?
Dumb question-I thought The Roth IRA was already taken from your post taxed income-what’s all of this stuff about being taxed to touch it? I thought tax/penalty was only incurred if you touched the interest.
I also thought this was the fundamental difference between the Roth IRA and a Traditional 401k
My income is too high so I don't qualify for any tax deductible contributions to a traditional IRA.... My question is this... if I contribute $6000 now (and let's say this $6000 didn't grow & stayed at $6000 the entire time). When I'm 60 years old and I withdraw this $6000, do I have to pay taxes on it again? If this is true why wouldn't I just put the $6000 in a regular brokerage account and only pay tax on the capital gains (which in this case would be $0)?
Traditional IRA or regular brokerage account?
If saving for retirement an IRA is preferred and a Roth IRA trumps a taxable brokerage account.
This is super informative! Thanks man
Wow thank you for your videos i love it very funny and to the point
Thanks for watching!
great explanation regarding IRA, how about if a person becomes disabled before reaching the age of 59? does uncle sam still going to tax the perosn? Thank you!
Simple and well explained. Great work!!!!
So with a traditional Ira I can take money out at age 59 and a 1/2 with no penalty, is that correct?
spiralnapkin the profit, yes. You can take out the investment whenever because it’s already taxed. IG:knottconsulting
@@iamchrisknott re-read ... "traditional IRA"
I just started my a chase account traditional IRA Im 30 yrs old and im contributing $20 a week to it through my account. Is that too little and do i have to actually invest in something or does it gain interest overtime? Any info would help
What is your Chase traditional IRA account invested in?
Do you have to take it all out at 59 1/2 or whatever you want and you just get taxed on the amounts you take out?
Q1 No and taxed on the portion withdrawn. Must begin RMD @ 72.
Very informative video! Thanks
any video on indexed universal life ?
No sorry.
Great info !
Thank so much , I am allowed to have both a traditional Ira and a Roth ?
yes
How much do you have to make to be eligible for a traditional IRA? I know for a roth IRA it's 120k is it the same for a traditional?
Just have to have income to support the contributions