How to use this free Roth IRA calculator
Based on your current age, modified adjusted gross income (MAGI) and tax-filing status, the Roth IRA calculator will automatically calculate how much you’re eligible to contribute to a Roth IRA this year. You can adjust that contribution amount down if you plan to contribute less. (Roth IRAs have income limits for eligibility set by the IRS — at some incomes, your maximum annual contribution begins to phase out, and eventually, it is eliminated. See more about this below.)
Your Roth IRA balance at retirement is based on the factors you plug in to the calculator —your total planned annual contribution, your current age and retirement age and the rate of return. The Roth IRA calculator assumes 2% annual income growth. There is no inflation assumption.
The Roth IRA calculator defaults to a 6% rate of return, which can be adjusted to reflect the expected annual return of your investments.
You can add catch-up contributions in the Advanced fields. If you’re younger than 50, the calculator will begin factoring in the catch-up contribution amount when you turn age 50 and in the years following.
The Roth IRA calculator will quickly tell you your Roth IRA contribution limit, estimated tax savings, how much you need for retirement and how much your Roth IRA will contribute to your retirement savings. The estimated tax savings is a projection based on the difference between investing in a standard taxable account and investing in a Roth IRA. Investments in a standard taxable brokerage account are subject to capital gains taxes; saving for retirement in a Roth IRA has tax advantages — we’ve detailed those below.
» Learn more about Roth IRA rules.
Roth IRA definitions
Annual contribution: The amount that you plan to contribute to your Roth IRA each year. The maximum amount you can contribute to your Roth IRA depends on your filing status and modified adjusted gross income.
Catch-up contribution: This refers to the extra amount that individuals age 50 or older can add on top of the annual contribution limits to retirement accounts, as set by the IRS. For 2024, the IRA catch-up contribution limit is $1,000.
Expected rate of return: The annual rate of return is the amount the investments in your Roth IRA make in a year.
Investment earnings: Investment earnings refer to any gains you’ve made on investments in your Roth IRA.
Marital status: This is the filing status that you report to the IRS on your tax forms. Filing status is one of two factors considered when determining your Roth IRA contribution limit.
Modified adjusted gross income (MAGI): This is your adjusted gross income (AGI) with specific deductions added back in. It’s one of two factors used to determine your Roth IRA contribution limit.
Retirement age: Your retirement age is the age you hope to retire. The full retirement age ranges from 65-67 depending on your year of birth.
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Roth IRA annual contribution limits
The Roth IRA annual contribution limit is the maximum amount of contributions you can make to an IRA in a year. The IRA contribution limit was $6,500 in 2023 ($7,500 if age 50 or older) and is $7,000 in 2024 ($8,000 if age 50 or older). You can contribute to a Roth IRA for the previous year until the tax-filing deadline: That means you can contribute toward the 2023 contribution limit until April 15, 2024.
Those limits are a combined limit across both Roth and traditional IRA accounts; if you have both, you cannot contribute more than the maximum between them.
Roth IRA income limits for 2024
The Roth IRA income limit refers to the amount of money you can earn in income before the Roth IRA maximum annual contribution begins to phase down. At some incomes, the ability to contribute to a Roth IRA is eliminated completely. The income limits for 2024 are below; to view the income limits for 2023, see our full article on Roth IRA income limits.
Filing status | Roth IRA income limits | Roth IRA contribution limits 2024 |
|---|---|---|
Single, head of household, or married, filing separately (if you didn't live with spouse during year) | Less than $146,000. | $7,000 ($8,000 if 50 or older). |
More than $146,000, but less than $161,000. | Contribution is reduced. | |
$161,000 or more. | No contribution allowed. | |
Married filing jointly or qualifying widow(er) | Less than $230,000. | $7,000 ($8,000 if 50 or older). |
More than $230,000, but less than $240,000. | Contribution is reduced. | |
$240,000 or more. | No contribution allowed. | |
Married filing separately (if you lived with spouse at any time during year) | Less than $10,000. | Contribution is reduced. |
$10,000 or more. | No contribution allowed. |
Roth IRA alternatives
If you’re not eligible to contribute at all, there are several other tax-advantaged ways to save for retirement.
401(k) or other workplace plan: Many people use a 401(k) or other employer retirement plan as their primary retirement account. You can contribute up to $23,000 in 2024 ($30,500 for those age 50 or older). Some employers even offer a Roth version of the 401(k) with no income limits.
A traditional IRA: If you don’t have a 401(k) at work, you may be eligible to deduct the maximum amount to a traditional IRA. Keep in mind, if your spouse has a retirement plan at work, your ability to deduct contributions may be limited. Learn more about the traditional IRA deduction limits.
A nondeductible IRA: If you’re not eligible to deduct contributions to an IRA because you or your spouse has a retirement plan at work, you can still contribute to a traditional IRA without the tax deduction. This is called a nondeductible IRA. Your contributions to a nondeductible traditional IRA will still grow tax-deferred.
A backdoor Roth IRA: A backdoor Roth IRA is an IRS-approved way to convert money from a traditional IRA into a Roth IRA. There are often tax implications, and it can get complicated, so be sure to follow the rules. Many people opt to work with a financial or tax advisor to take advantage of this.
