In today’s video, we’re discussing taxes and IRAs and what investors need to know.

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Taxes on IRAs are based on the type of IRA you own whether it’s a Roth IRA or a Traditional IRA. Let’s explain each.

The Traditional IRA:
Allows you to save money on a pre-tax basis.
Contributions grow tax deferred
Gives you a tax deduction immediately (subject to income limits)
Max contribution for 2022 is $6000 ($7000 over 50)
Withdrawals are penalty free after age 59 ½
Penalty of 10% if withdrawn prior to 59 1/2
Taxed as current income in the year withdrawn

The Roth IRA:
Allows for after-tax contributions
Contributions grow Tax Free
There is no tax deduction in the year deposited
Max contribution for 2022 is $6000 ($7000 over 50)
Withdrawals are penalty and tax-free after 5 years and age 59 1/2
Taxwise, what is the key difference between buying an Individual IRA and a Roth IRA?

It comes down to what do you want?

Take advantage of a tax break today – Get an Individual IRA
Enjoy Tax-free withdrawals in the future – Get a Roth IRA

#taxesandiras…(read more)

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Taxes and IRAs are two of the most important financial tools available to individuals. Understanding how they work and how they can benefit you is essential to making the most of your money.

IRAs, or Individual Retirement Accounts, are special accounts designed to help individuals save for retirement. Contributions to an IRA are made with pre-tax dollars, meaning you don’t pay taxes on the money you put in. This allows you to save more for retirement than if you were to save with after-tax dollars.

When it comes time to withdraw money from your IRA, you will be required to pay taxes on the amount you withdraw. This means that you will be taxed on the money you saved when it comes time to withdraw it. This is why it is important to plan your retirement savings carefully and make sure you have enough money to cover your taxes when you withdraw.

Taxes are also an important part of retirement planning. Depending on your income and other factors, you may be eligible for certain tax credits or deductions that can reduce the amount of taxes you owe. It’s important to understand the different types of credits and deductions available and how they can help you save on your taxes.

Finally, it is important to understand the difference between pre-tax and after-tax contributions to an IRA. Pre-tax contributions are made with money that has not yet been taxed, and after-tax contributions are made with money that has already been taxed. Knowing which type of contribution you are making can help you maximize your retirement savings.

Taxes and IRAs are powerful financial tools that can help you save for retirement. Understanding how they work and how they can benefit you is essential to making the most of your money. With careful planning and a bit of knowledge, you can ensure that you have enough saved for retirement and that you are taking advantage of all the tax benefits available to you.