Roth IRA Calculator
Calculate your Roth IRA contribution eligibility and retirement growth potential
Roth IRA Calculator
Your modified adjusted gross income for tax purposes
Your current age (affects contribution limits)
Age when you plan to retire
Your tax filing status affects income limits
Historical stock market average is around 7-10%
Your existing Roth IRA balance (if any)
Roth IRA Analysis Results
2024 Contribution Limits
Income Thresholds (single)
Calculation Details
Years to retirement: 35 years
Annual contribution: $7,000
Expected return: 7% annually
Current balance growth: $0
Future contributions growth: $1,050,615.184
Tax advantage: All growth is tax-free!
Eligibility Analysis
Example Calculation
Married Couple Example
Joint MAGI: $220,000 (2024)
Both spouses age: 35
Filing status: Married filing jointly
Income thresholds: $218,000 - $228,000 (phase-out range)
Calculation
1. Ineligible % = ($220,000 - $218,000) / ($228,000 - $218,000) = 20%
2. Ineligible amount = $7,000 × 20% = $1,400
3. Eligible contribution per spouse = $7,000 - $1,400 = $5,600
Total family contribution = $5,600 × 2 = $11,200
Roth IRA Benefits
Tax-Free Growth
All investment gains grow tax-free forever
No RMDs
No required minimum distributions at age 73
Flexible Withdrawals
Withdraw contributions anytime tax and penalty-free
Estate Benefits
Tax-free inheritance for beneficiaries
Withdrawal Rules
Contributions
Always tax and penalty-free
Earnings Before 59½
10% penalty + taxes (exceptions apply)
Earnings After 59½
Tax-free if account is 5+ years old
Understanding Roth IRA
What is a Roth IRA?
A Roth IRA is an individual retirement account where you contribute after-tax dollars, but all future growth and qualified withdrawals are completely tax-free. Unlike traditional IRAs, Roth contributions aren't tax-deductible, but the tax-free growth makes it powerful for long-term retirement planning.
Key Advantages
- •Tax-free growth and qualified withdrawals in retirement
- •No required minimum distributions (RMDs) at age 73
- •Contribute at any age with earned income
- •Early withdrawal flexibility on contributions
2024 Contribution Limits
Under 50: $7,000
50 and older: $8,000 (includes $1,000 catch-up)
Income Limits (2024)
Single: Phase-out $138,000 - $153,000
Married Joint: Phase-out $218,000 - $228,000
Married Separate: Phase-out $0 - $10,000
Backdoor Roth: High earners can contribute to traditional IRA and convert to Roth