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Retirement Planning

Did I Pay Too Much Alternative Minimum Tax (AMT)? | YMYW Podcast [Video]

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Did I Pay Too Much Alternative Minimum Tax (AMT)? | YMYW Podcast

Question: (Cindy, North San Diego County) Hello Joe, Al, and Andi, I really enjoy your TV and radio programs and appreciate you sharing your wealth of knowledge in such a fun and entertaining way! I have a tax question regarding AMT. I tried contacting the IRS for an answer, but no help there. For Tax Year 2013 I paid $25,418 in Alternative Minimum Tax due to exercising Incentive Stock Options after a job loss. In subsequent years my income did not require AMT payments and I received credits totaling $20,323 for Tax Years 2014 through 2018.

Due to being unemployed during 2014 and 2015 my income was very low which made the AMT credits for 2014 and 2015 only $229 and $733 respectively. The credits were higher for 2016 through 2018; however, the total credits received from 2014 through 2018 were $5,095 less than the $25,418 amount of AMT paid for 2013 on lines 25 and 26 on Form 8801. Is there any way I could still get the remaining $5,095 back or is it too late? In 2021 I received an audit of my 2018 tax return regarding the AMT credit which prompted me to investigate this. Audit was ruled in my favor. I wish I would have been astute enough in 2014 and 2015 to do Roth conversions and maybe I could have received credits for the remaining #alternativeminimumtax of $5,095, or am I wrong in thinking that I should have received credit for the entire amount of #AMT paid?

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Retirement Planning

IRA Contribution Limits 2022 & ROTH IRA Contribution Limits 2022 || IRA & Roth IRA Contribution 2022 [Video]

IRA Contribution Limits 2022 & ROTH IRA Contribution Limits 2022 || IRA & Roth IRA Contribution 2022Click Here For More Retirement Planning Videos: https://bit.ly/3wH3mgbIRA Contribution Limits 2022 & ROTH IRA Contribution Limits 2022 || IRA & Roth IRA Contribution 2022IRA and Roth IRA contribution limits have been released by the IRS and they look very similar to the IRA & Roth IRA Contribution limits for 2021. Unfortunately, because of how the IRS calculates the contribution increases for IRA's and Roth IRA's, in 2022 there will be NO increase from the 2021 IRA contribution limits. Below is the IRA Contribution limit and the Roth IRA Contribution limit for 2022:IRA Contribution Limit: $6,000 IRA Catch-up Limit: $1,000Roth IRA Contribution Limit: $6,000Roth IRA Catch-up Limit: $1,000Now, the IRA Contribution Limit and Roth IRA Contribution Limit might not have changed, but the income limits for contributions into IRA and Roth IRA's did increase from 2021 to 2022. Remember, you are only allowed to contribute to an IRA or Roth IRA if you make less than a certain amount of money. How you file taxes will determine your income limits for IRA and Roth IRA contributions. The new IRA Income limits for 2022 are below:Single File: $129,000Married Joint File: $204,000What might get lost in the IRA contribution conversation is your ability to contribute to a spousal IRA. A Spousal IRA gives a spouse who does not work or makes very little, the ability to contribute to an IRA or Roth. In order to do this the working spouse must have income below the $204,000 income limit and the contribution into the non working spouses IRA or Roth must be equal or less than what the working spouse actually earns. For example, if you are working and make $100,000 a year and contribute $6,000 into a Roth IRA you are allowed to contribute another $6,000 into a Roth IRA in your spouse's name. If you are both over 50, you get to add an additional $1,000 as a catch-up provision. Finally, don't forget the difference between an IRA and a Roth IRA. An IRA is pre-taxed. Meaning, the money you put in an IRA is NOT taxed on the way in, but it IS taxed on the way out. A Roth IRA on the other hand, is taxed on the way in BUT is NOT taxed on the way out. That is called post tax. Which is best for you? Well that is a financial decision based on your income, age, tax status, and how long you are going to work. Thank you so much for watching and reading IRA Contribution Limits 2022 & Roth IRA Contribution limits 2022. As always, if you have any questions, please contact us below. **Free Retirement Download: The Roadmap to Retirement:**https://yourfinancialekg.com/#download**To schedule your virtual retirement and investment consultation with Drew, please select a day & time that works best for you: https://calendly.com/pearlwealthgroup/discoverycall ****Visit our Website: https://pearlwealthgroup.com/ **Retirement & Financial Planning Resources:-Have You Ever Been Bitten by an Elephant?: The Definitive Guide for Retiring Well by David & Drew Blackston: https://amzn.to/3pnm62l-Common Sense Investing by Jack Bogle: https://amzn.to/3H1Gn3p-The Intelligent Investor by Benjamin Graham: https://amzn.to/3mpNDyd-The Blessed Life by Robert Morris: https://amzn.to/3Ehxq4f-Barrons Magazine: https://amzn.to/3FlfdEc-The Wall Street Journal: https://amzn.to/3eaydte**Please make sure you talk with your CPA, Financial Advisor, Retirement Planner, or Investment Advisor Representative, before implementing any content from this channel. Please call me at 813-807-5060 to go through your Retirement Income, Retirement Investments, or Retirement Plan in more detail.**Other videos you might like:Can I Retire at 55 with $2,000,000 : https://youtu.be/LJ6CHK7hAZk401k Contribution Limits for 2022: https://youtu.be/yDKOk-I8HL8How to calculate YOUR retirement income: https://youtu.be/jUQytd4qAjgAverage Retirement Savings Balance by Age & Race: https://youtu.be/ZS7UMVvWs9EPearl Wealth GroupDrew Blackston, CRC® & RFC®Office: 813-807-5060Info@pearlwealthgroup.comhttps://pearlwealthgroup.com/Getting you to Retirement, through Retirement, & protecting YOUR ability to stay in Retirement!Tools Used To Create Video:-TubeBuddy Keyword Research: https://www.tubebuddy.com/YourFinancialEKG#retirementplanning #retirement #yourfinancialekg

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Retirement Planning

Social Security & Biden… [Video]

Social Security and BidenIn this video, we discuss Social Security and President Biden. Two very important topics that we need to discuss and if these two are related and if they will work together. Social Security benefits include retirement, SSDI, survivors benefits and we also refer to SSI, supplemental security income in this video. Social Security benefits send out a very important monthly benefits to roughly 65 million Beneficiaries along with SSI, supplemental security income, 70 million Beneficiaries rely on this monthly checks each and every month, these are incredibly important. We are discussing President Biden in reference to Social Security, SSDI, SSI monthly benefits.Please make sure to subscribe to the Blind to Billionaire channel and share this video with your friends, family, social media and check out any of the other videos here on the channel. Fan Club - Join Here:https://www.youtube.com/channel/UCYqOP98j1cPqLzN2-AAgsHQ/joinFREE Stocks Here:https://a.webull.com/8XVrtYUM4U86HxGaGKFREE $30 when you spend $30 here:https://www.rakuten.com/r/BLINDT32Shop Amazon Here:https://amzn.to/2UjdFCz***Disclaimer*** All the material in this video is for entertainment purposes only and is not financial, legal, accounting, tax, investment advice, or advice in any way. This information should be used as general information for entertainment purposes, we highly advise you speak to your professional for specific information. We are not liable in any way, shape, or form as a result of any information discussed in this video. Links shown above are affiliate links which will result in the creator receiving a small commission upon the use/registration of the link provided.Blind to Billionaire is a dedicated YouTube channel to bring you daily updates and information to be The most valuable and high-quality information for this community. Blind to Billionaire is very dedicated to this community so please make sure to subscribe, share this video and check out any of the other thousands of videos here on the channel.#SocialSecurity #SSDI #SSI #BlindToBillionaire