Ira Contribution Calculator

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2024 IRA Contribution & Eligibility Calculator

Single / Head of Household Married Filing Jointly Married Filing Separately
No Yes
Maximum Total IRA Contribution
Roth IRA Eligibility
Traditional IRA Deductibility

Understanding Your 2024 IRA Contributions

Individual Retirement Accounts (IRAs) are powerful tools for building long-term wealth. However, the IRS sets strict limits on how much you can contribute annually and whether those contributions provide immediate tax benefits.

2024 Contribution Limits

For the 2024 tax year, the total contribution limit for both Traditional and Roth IRAs combined is:

  • $7,000 if you are under age 50.
  • $8,000 if you are age 50 or older (includes a $1,000 "catch-up" contribution).

Traditional vs. Roth IRA

The primary difference lies in the timing of tax advantages:

  • Traditional IRA: Contributions may be tax-deductible in the year they are made, but withdrawals in retirement are taxed as ordinary income.
  • Roth IRA: Contributions are made with after-tax dollars (no immediate deduction), but qualified withdrawals in retirement are completely tax-free.

MAGI and Phase-outs

Your "Modified Adjusted Gross Income" (MAGI) determines your eligibility. If your income exceeds certain thresholds, your ability to contribute to a Roth IRA or deduct Traditional IRA contributions begins to "phase out" (decrease) until it reaches zero.

Why Use This Calculator?

Tax laws for retirement accounts are complex. This calculator uses the 2024 IRS guidelines to help you determine exactly how much you can set aside and which account type offers the best tax advantage based on your specific financial situation.

function calculateIRA() { var age = parseInt(document.getElementById('iraAge').value); var filingStatus = document.getElementById('iraFilingStatus').value; var magi = parseFloat(document.getElementById('iraMagi').value); var workPlan = document.getElementById('iraWorkPlan').value; if (isNaN(age) || isNaN(magi)) { alert("Please enter valid numbers for age and income."); return; } var resultBox = document.getElementById('iraResult'); var resMaxContrib = document.getElementById('resMaxContrib'); var resRothStatus = document.getElementById('resRothStatus'); var resTradStatus = document.getElementById('resTradStatus'); // 1. Calculate Max Limit var maxLimit = (age >= 50) ? 8000 : 7000; resMaxContrib.innerHTML = "$" + maxLimit.toLocaleString(); // 2. Roth IRA Eligibility (2024 Limits) var rothEligible = "Full Contribution Allowed"; if (filingStatus === 'single') { if (magi >= 161000) rothEligible = "Not Eligible"; else if (magi > 146000) rothEligible = "Partial Contribution Allowed (Phase-out)"; } else if (filingStatus === 'joint') { if (magi >= 240000) rothEligible = "Not Eligible"; else if (magi > 230000) rothEligible = "Partial Contribution Allowed (Phase-out)"; } else { // separate if (magi >= 10000) rothEligible = "Not Eligible"; else if (magi > 0) rothEligible = "Partial Contribution Allowed (Phase-out)"; } resRothStatus.innerHTML = rothEligible; // 3. Traditional IRA Deductibility (2024 Limits) var tradDeduct = "Full Deduction Allowed"; if (workPlan === 'yes') { if (filingStatus === 'single') { if (magi >= 87000) tradDeduct = "No Deduction (Non-deductible contribution)"; else if (magi > 77000) tradDeduct = "Partial Deduction Allowed"; } else if (filingStatus === 'joint') { if (magi >= 143000) tradDeduct = "No Deduction (Non-deductible contribution)"; else if (magi > 123000) tradDeduct = "Partial Deduction Allowed"; } else { // separate if (magi >= 10000) tradDeduct = "No Deduction"; else tradDeduct = "Partial Deduction Allowed"; } } else { // If not covered by work plan if (filingStatus === 'joint') { // Check if spouse is covered? Simplified for general calculator tradDeduct = "Full Deduction Allowed"; } else { tradDeduct = "Full Deduction Allowed"; } } resTradStatus.innerHTML = tradDeduct; // Display Result resultBox.style.display = 'block'; }

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