Comments on: Roth IRA Contribution Limit Phaseout Calculator

By: Marcia

Marcia — Thu, 01 Dec 2011 22:15:52 +0000

I am going to have to pay the IRS the 6% because I over contributed in 2010. Do I need to file a form? What form do I need to use?
Thanks

By: Ann

Ann — Tue, 30 Aug 2011 19:41:02 +0000

It is now August 2011. Are you going to update this calculator for the new limits?

By: mannymacho

mannymacho — Mon, 18 Apr 2011 15:09:43 +0000

As I understand it, if you file jointly, you can contribute to an IRA for yourself as long as your spouse earned money. However, you can’t contribute to, say, an IRA for your kids if they have no income of their own.

By: Sandy Wood

Sandy Wood — Thu, 31 Mar 2011 18:32:21 +0000

The calculator is very handy. I was able to verify this from the IRS pubs. My question is whether this limited amount applies to me and my husband each. Based on our “married filing joint” MAGI of $169,130, your calculator shows a contribution limit for 2010 of $4730. Does that mean we can open a joint Roth IRA for $9,460? And does this need to be reported on our 2010 return?

By: Terry

Terry — Sun, 06 Mar 2011 14:24:44 +0000

THANK YOU! I’ve done several searches to get this information and no one seemed to have the answer.

By: S.O.

S.O. — Wed, 02 Mar 2011 21:19:07 +0000

thanks, the amount was exactly what the accountant said!

By: Jim

Jim — Tue, 22 Feb 2011 20:03:28 +0000

It’s for each person.

By: Robert

Robert — Tue, 22 Feb 2011 19:19:43 +0000

I love the ease of your calculator.

Can you clarify, is the amount shown by the calculator for a joint filing for each person, or a combined amount?

By: Jim

Jim — Wed, 26 Jan 2011 14:14:55 +0000

Yikes, you’re right. I’ve fixed it. Thanks!

By: J.C.W.

J.C.W. — Wed, 26 Jan 2011 12:59:20 +0000

If it’s 2010 Roth IRA, for filing a joint return, you should subtract 167,000 (for 2010) rather than 166,000 (for 2009).

By: Jim

Jim — Tue, 25 Jan 2011 15:04:08 +0000

Sorry, it’s 2010 tax data (not 2009-2010). My apologies for the confusion!

By: J.C.W.

J.C.W. — Sun, 23 Jan 2011 21:36:54 +0000

Your Roth IRA Phaseout Calculator for filing a joint return is for 2009 or 2010? The phaseout ranges for these two years are different.

By: John

John — Wed, 05 Jan 2011 17:26:55 +0000

Thank you very much for the calculator. It’s very helpful. Where did you find the formula for calculating the contribution amount and what is it if you don’t mind sharing? Thanks.

By: Lindner

Lindner — Tue, 14 Dec 2010 03:21:37 +0000

Jim- was looking for this info in various places, you had it all with the quick calculator- impressive- then saw your smiling face. bookmarked you going forward. if we still had rooms next to each other I would bother you more often for great info. hope all is well, thanks again for the great resource. later

Lindner

By: wolverine

wolverine — Thu, 28 Oct 2010 18:45:50 +0000

Awesome calculator – saved me a lot of time!