In this video, I will walk through the rules and benefits of a Roth IRA. You should set up one of these retirement accounts early in your career and continue to contribute each year.
I show an example of a married couple withdrawing funds from their ROTH IRA account early and you’ll be able to see how much in tax and 10% penalties they have to make.

I make an important point of having earned income in order to make a contribution.

Here is a chart I reference in the video relating to the phase-out on the maximum contributions you can make to a ROTH IRA based on your modified adjusted gross income.

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About my channel:
Rob CPA channel was created with a mission to provide viewers with accurate content so they can be proactive in their tax planning strategies and build financial wealth. The video topics I selected reflect real-world issues that I’ve seen our clients experience relating to their personal tax returns, retirement plans, and accounting.

The channel allows me to share my passion for taxes, personal finance, and accounting. I create content I wish schools and entrepreneurship programs/accelerators would teach their students and companies. I take complex topics and simplify them for the viewers as well as show examples.

I will be covering the following topics:

– Personal & business tax planning tips;
– Personal finance;
– Accounting;
– Investing;
– Entrepreneurship

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#rothira #retirement #retirementplanning…(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 Roth IRA is an individual retirement account that allows you to save money for retirement in a tax-advantaged way. One of the key features of a Roth IRA is that contributions are made with after-tax dollars, meaning that any withdrawals taken in retirement are tax-free.

The Roth IRA contribution limit is $6,000 for 2020 and 2021. This means that you can contribute up to $6,000 of your earned income each year to your Roth IRA. This contribution limit applies to both traditional and Roth IRAs, so if you have both types of accounts, you can still only contribute up to $6,000 total.

It’s important to note that there are some additional rules and restrictions that apply to the Roth IRA contribution limit. For example, if you are 50 or older, you can contribute an additional $1,000 in “catch-up” contributions for a total of $7,000. Additionally, the $6,000 limit applies to the total of all of your Roth IRA accounts, so if you have multiple Roth IRAs, the total of your contributions cannot exceed $6,000.

The Roth IRA contribution limit is subject to income limits as well. If you are a single filer with a modified adjusted gross income (MAGI) of $124,000 or less, you can contribute the full $6,000. If your MAGI is between $124,000 and $139,000, your contribution limit is reduced. If your MAGI is over $139,000, you are not eligible to contribute to a Roth IRA.

The Roth IRA contribution limit is an important factor to consider when planning for retirement. It is important to understand the rules and restrictions that apply to Roth IRA contributions and to make sure that you are staying within the limit. If you exceed the contribution limit, you may be subject to taxes and penalties.