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 ($) 
Tax filing status 
Employment Information and Assumptions
YouSpouse
(if applicable)
Do you participate in a retirement plan at work?
Annual earned income ($)
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. Under the SECURE Act, in most circumstances, once you reach age 72, you must begin taking required minimum distributions from a Traditional Individual Retirement Account (IRA) and most other employer-sponsored retirement plans. Withdrawals from Traditional IRAs are taxed as ordinary income and, if taken before age 59½, may be subject to a 10% federal income tax penalty. You may continue to contribute to a Traditional IRA past age 70½ under the SECURE Act as long as you meet the earned-income requirement.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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