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Roth IRA Contribution Limit Phaseout Calculator
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If you’re confused about how much you can contribute to your Roth IRA this year, this calculator can help!
As you probably know, you have until tax day, April 15th, to make a contribution to your Roth IRA for 2009. What you might not know is how much you are able to contribute, if your income (modified adjusted gross income) happens to be within the phaseout range for your filing status. There are a lot of websites that will give you the ranges, the rules for calculating your personal limit, but I couldn’t find a simple calculator that did the math for me… so I built one.
The calculator is very simple, just select your filing status, check off whether you are 50+ or not, enter in your modified AGI and click the “How much can I contribute?” button. That’s it. Here are the Roth IRA and Traditional IRA contribution limits for 2009 and 2010.
Roth IRA Contribution Limit Phaseout Calculator
This calculator is based on Tax Year 2009-2010 data.
The phaseout ranges for each filing type is:
- Single/HOH: $105,000 – $120,000
- Married Filing Jointly: $166,000 – $176,000
- Married Filing Separately: $0 – $10,000
The contribution limit for 2009 is $5000 if you are not yet 50, $6000 if you are aged 50 and above. Some other idiosyncrasies in the phaseout (and subsequently in the calculator) is that the contribution steps are in $10 increments (always rounding up) and the minimum limit, unless you exceed the upper threshold, is $200.
Lastly, you can only make contributions if you have earned income.
If you see any problems with the calculator, please let me know in the comments and I’ll remedy them as soon as possible.
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Thanks for the handy tool, Jim! Not the first time, and not the last, I suppose. Thanks again!
Nice, but Fidelity beat you to it, with a spiffy rotating Flash version. link. It’s the 4th bullet down under Answers to your IRA Questions.
I can’t seem to find it on the Fidelity page…
Nice little calculator. I found the one on fidelity, but it functions exactly the same way, just with a little fancier interface.
how do you calculate your magi?
Assuming not much has changed from last year, you can find this on last years income tax forms.
Your modified AGI is essential your AGI with certain items subtracted and certain exclusions or deductions added back.
There are three items deducted.
1. Roth IRA Conversions
2. Roth IRA Rollovers
3. Minimum Required Distributions
There are several deductions that may be necessary to add back to compute your modified AGI. Some of them will include things like student loan deductions and Traditional IRA deductions amount other things.
On irs.gov there is a step-by-step process to calculate your MAGI with references to line numbers in the tax forms.
http://www.irs.gov/publications/p590/ch02.html
Just search for “Worksheet 2-1″.
Pretty cool calculator. Although, I did not come close to the phase out amount!
Married Filing Separately has a phaseout of $10,000?
wow, so you have to live in poverty to be married.
Only if you file separately. All the various phaseouts are abysmally low for MFS.
If you are a stay at home parent, earning zero income yourself, can you contribute to your own IRA using your spouse’s income?
Jim you are the man. I hate this calculation! Did it here in less than 15sec! Thanks.
Thanks also Jim, I’ve been searching forever for this information and your site got me my number in 10 seconds.
For anyone trying to find out their AGI (Adjusted Gross Income), it’s on line 38 of your 1040. Then you can read up on the link Aceofwealth posted to adjust your AGI and into your MAGI.