Roth IRA or Traditional IRA
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For which tax year are you contributing?
Why we ask?

The year in which you're filing helps determine the applicable income ranges for Roth IRA contribution eligibility.

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What is your tax filing status?
Why we ask?

Your tax filing status helps determine the applicable income ranges for Roth IRA contribution eligibility.

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What is your estimated adjusted gross income for {{ selectedYear.year }}?
$1,000
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Why we ask?

Your Adjusted Gross Income will help determine your eligibility to contribute to a Roth IRA.

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Tell us your age as of December 31, {{ selectedYear.year }}.
<18
>70.5
Why we ask?

Your age determines your ability to contribute to a Traditional IRA.

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Do you participate in an employer-sponsored plan?*


Why we ask?

Participating in an employer-sponsored plan, such as a 401(k) or 403(b), may limit the tax-deductibility of a Traditional IRA contribution. However, if you meet the income eligibility requirements, plan participation does not impact Roth IRA contribution eligibility.

You are eligible to contribute to a Roth IRA and/or a Traditional IRA

Based on your responses to the previous questions, you can contribute up to a combined {{Amount}} to a Roth IRA and a Traditional IRA for {{selectedYear.year }}. Based on your responses to the previous questions, you can contribute up to {{AGIamount}} to a Roth IRA, or a combined {{Amount}} to a Roth IRA and a Traditional IRA, as long as the Roth IRA portion of the contribution doesn't exceed {{AGIamount}} for {{ selectedYear.year }}.

For eligible investors, a Roth IRA may be a wise choice because:

  • Not only can any earnings grow tax-deferred, but qualified distributions can be taken tax-free.
  • You can continue to contribute at any age, as long as you are eligible and have earned income.
  • Roth IRAs are not subject to required minimum distributions.

Learn more about Roth IRAs

Benefits of Traditional IRA:

  • A Traditional IRA provides tax-advantaged savings.
  • Any earnings can grow tax-deferred and you only pay taxes on those earnings when you take a distribution.
  • You can contribute until the year you reach age 70 1/2, as long as you have earned income.

Learn more about Traditional IRAs
You are eligible to contribute to a Traditional IRA

Based on your responses to the previous questions, you can make a non-deductible contribution of up to {{Amount}} for {{ selectedYear.year }}.

Consider a Traditional IRA

Benefits of Traditional IRA:

  • A Traditional IRA provides tax-advantaged savings.
  • Any earnings can grow tax-deferred and you only pay taxes on those earnings when you take a distribution.
  • You can contribute until the year you reach age 70 1/2, as long as you have earned income.
  • Based upon your inputs, it appears that you may not be eligible to contribute to a Roth IRA.

Learn more about Traditional IRAs

Note: The Roth IRA or Traditional IRA tool is intended to serve as an educational tool, not investment or tax advice. Your circumstances are unique; therefore, you should consult an investment professional if you feel you need more personal guidance. Because your circumstances will probably change over time, it is a good idea to review your financial strategy periodically to be sure it continues to fit your situation. All examples are hypothetical and are intended for illustrative purposes only.

The tool does not take current or future tax rates into consideration in presenting information on IRAs. You should consult a tax advisor on your situation.

1. If you are age 50 or older for the year in which you are contributing, the maximum annual contribution amount includes a catch-up contribution. Contributions may not be made to Traditional IRAs beginning in the year you reach age 70 1/2 and thereafter.

2. This calculator does not address Married, Filing Separately status. If you are Married, Filing Separately and your adjusted gross income is greater than $10,000, you may not be eligible to contribute to a Roth IRA or deduct your contribution to a Traditional IRA. For more information, please consult your tax advisor.

3. Note that all contribution figures shown represent the maximum combined contribution limit for a Roth IRA and a Traditional IRA for that tax year.