Contributing to an IRA?

Many factors can affect your eligibility and annual contribution amounts to an Individual Retirement Account (IRA) -- including your marital status, your current earned income level, and whether you participate in a retirement plan at work. Use this calculator to help determine whether you are eligible to contribute to a Traditional or a Roth IRA and at what maximum contribution amounts.
Income and Tax Status
Contribution tax year 
Modified adjusted gross income ($) 
Tax filing status 
Employment Information and Assumptions
(if applicable)
Do you participate in a retirement plan at work?
Annual earned income ($)
Age at end of year
This worksheet provides estimates based on certain assumptions. It is not intended to provide specific investment advice. The results are not a guarantee of performance. The rate of return on investments will vary over time, particularly for longer-term investments. Investments that offer the potential for high returns also carry a high degree of risk. Actual returns will fluctuate. The types of securities and strategies illustrated may not be suitable for everyone. Contributions to a Traditional IRA may be fully or partially deductable, depending on your individual circumstance. Distributions from traditional IRA and most other employer-sponsored retirement plans are taxed as ordinary income and, if taken before age 59½, may be subject to a 10% federal income tax penalty. Generally, once you reach age 70½, you must begin taking required minimum distributions. A tax professional can help assess your specific situation. Roth IRA contributions cannot be made by taxpayers with high incomes. To qualify for the tax-free and penalty-free withdrawal of earnings, Roth IRA distributions must meet a five-year holding requirement and distribution must take place after age 59½. Tax-free and penalty-free withdrawal also can be taken under certain other circumstances, such as a result of the owner’s death. The original Roth IRA owner is not required to take minimum annual withdrawals.

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