Single
Married Filing Jointly
Married Filing Separately
Head of Household
Qualifying Widow(er)
Your IRA Contribution Limits:
function toggleSpouseCoverage() {
var filingStatus = document.getElementById('filingStatus').value;
var spouseCoverageSection = document.getElementById('spouseCoverageSection');
if (filingStatus === 'Married Filing Jointly' || filingStatus === 'Married Filing Separately') {
spouseCoverageSection.style.display = 'block';
} else {
spouseCoverageSection.style.display = 'none';
}
}
function calculateIRALimits() {
var taxYear = document.getElementById('taxYear').value;
var yourAge = parseInt(document.getElementById('yourAge').value);
var filingStatus = document.getElementById('filingStatus').value;
var yourMAGI = parseFloat(document.getElementById('yourMAGI').value);
var coveredByEmployerPlan = document.querySelector('input[name="coveredByEmployerPlan"]:checked').value;
var spouseCoveredByEmployerPlan = 'N/A'; // Default for non-married
if (filingStatus === 'Married Filing Jointly' || filingStatus === 'Married Filing Separately') {
spouseCoveredByEmployerPlan = document.querySelector('input[name="spouseCoveredByEmployerPlan"]:checked').value;
}
var resultRothContribution = document.getElementById('resultRothContribution');
var resultTraditionalContribution = document.getElementById('resultTraditionalContribution');
var resultTraditionalDeductibility = document.getElementById('resultTraditionalDeductibility');
var resultWarning = document.getElementById('resultWarning');
resultWarning.textContent = "; // Clear previous warnings
if (isNaN(yourAge) || yourAge < 0 || isNaN(yourMAGI) || yourMAGI $10k
rothMAGI_MFS_End = 10000;
// Traditional IRA Deductibility Limits (2024, if covered by employer plan)
tradDeduct_Covered_Single_Start = 77000;
tradDeduct_Covered_Single_End = 87000;
tradDeduct_Covered_MFJ_Start = 123000;
tradDeduct_Covered_MFJ_End = 143000;
tradDeduct_Covered_MFS_Start = 0; // Effectively no deduction if MAGI > $10k
tradDeduct_Covered_MFS_End = 10000;
tradDeduct_SpouseCovered_NotCovered_Start = 230000; // For individual not covered, but spouse is
tradDeduct_SpouseCovered_NotCovered_End = 240000;
} else { // 2023
baseContributionLimit = 6500;
catchUpContributionLimit = 1000;
// Roth IRA MAGI Limits (2023)
rothMAGI_Single_Start = 138000;
rothMAGI_Single_End = 153000;
rothMAGI_MFJ_Start = 218000;
rothMAGI_MFJ_End = 228000;
rothMAGI_MFS_Start = 0;
rothMAGI_MFS_End = 10000;
// Traditional IRA Deductibility Limits (2023, if covered by employer plan)
tradDeduct_Covered_Single_Start = 73000;
tradDeduct_Covered_Single_End = 83000;
tradDeduct_Covered_MFJ_Start = 116000;
tradDeduct_Covered_MFJ_End = 136000;
tradDeduct_Covered_MFS_Start = 0;
tradDeduct_Covered_MFS_End = 10000;
tradDeduct_SpouseCovered_NotCovered_Start = 218000;
tradDeduct_SpouseCovered_NotCovered_End = 228000;
}
var totalContributionLimit = baseContributionLimit;
if (yourAge >= 50) {
totalContributionLimit += catchUpContributionLimit;
}
var maxRothContribution = totalContributionLimit;
var maxTraditionalContribution = totalContributionLimit; // Base contribution limit for Traditional is the same as Roth
var deductibleTraditionalContribution = 0;
// — Roth IRA Contribution Calculation —
var rothPhaseOutStart, rothPhaseOutEnd;
if (filingStatus === 'Single' || filingStatus === 'Head of Household' || (filingStatus === 'Married Filing Separately' && yourMAGI rothMAGI_MFS_End) { // MFS living together or high MAGI
rothPhaseOutStart = rothMAGI_MFS_Start;
rothPhaseOutEnd = rothMAGI_MFS_End;
}
} else if (filingStatus === 'Married Filing Jointly' || filingStatus === 'Qualifying Widow(er)') {
rothPhaseOutStart = rothMAGI_MFJ_Start;
rothPhaseOutEnd = rothMAGI_MFJ_End;
} else if (filingStatus === 'Married Filing Separately') { // MFS living together
rothPhaseOutStart = rothMAGI_MFS_Start;
rothPhaseOutEnd = rothMAGI_MFS_End;
}
if (yourMAGI >= rothPhaseOutEnd) {
maxRothContribution = 0;
} else if (yourMAGI > rothPhaseOutStart) {
var reductionFactor = (rothPhaseOutEnd – yourMAGI) / (rothPhaseOutEnd – rothPhaseOutStart);
maxRothContribution = Math.floor(totalContributionLimit * reductionFactor / 10) * 10; // Round down to nearest $10
}
maxRothContribution = Math.max(0, maxRothContribution); // Ensure it's not negative
// — Traditional IRA Deductibility Calculation —
if (coveredByEmployerPlan === 'No') {
if (filingStatus === 'Married Filing Jointly' || filingStatus === 'Qualifying Widow(er)') {
if (spouseCoveredByEmployerPlan === 'Yes') {
// Individual not covered, spouse is covered
if (yourMAGI >= tradDeduct_SpouseCovered_NotCovered_End) {
deductibleTraditionalContribution = 0;
} else if (yourMAGI > tradDeduct_SpouseCovered_NotCovered_Start) {
var reductionFactor = (tradDeduct_SpouseCovered_NotCovered_End – yourMAGI) / (tradDeduct_SpouseCovered_NotCovered_End – tradDeduct_SpouseCovered_NotCovered_Start);
deductibleTraditionalContribution = Math.floor(totalContributionLimit * reductionFactor / 10) * 10;
} else {
deductibleTraditionalContribution = totalContributionLimit;
}
} else {
// Neither covered by employer plan
deductibleTraditionalContribution = totalContributionLimit;
}
} else {
// Single, HoH, MFS (not covered by employer plan)
deductibleTraditionalContribution = totalContributionLimit;
}
} else { // Covered by employer plan = 'Yes'
var tradDeductPhaseOutStart, tradDeductPhaseOutEnd;
if (filingStatus === 'Single' || filingStatus === 'Head of Household') {
tradDeductPhaseOutStart = tradDeduct_Covered_Single_Start;
tradDeductPhaseOutEnd = tradDeduct_Covered_Single_End;
} else if (filingStatus === 'Married Filing Jointly' || filingStatus === 'Qualifying Widow(er)') {
tradDeductPhaseOutStart = tradDeduct_Covered_MFJ_Start;
tradDeductPhaseOutEnd = tradDeduct_Covered_MFJ_End;
} else if (filingStatus === 'Married Filing Separately') {
tradDeductPhaseOutStart = tradDeduct_Covered_MFS_Start;
tradDeductPhaseOutEnd = tradDeduct_Covered_MFS_End;
}
if (yourMAGI >= tradDeductPhaseOutEnd) {
deductibleTraditionalContribution = 0;
} else if (yourMAGI > tradDeductPhaseOutStart) {
var reductionFactor = (tradDeductPhaseOutEnd – yourMAGI) / (tradDeductPhaseOutEnd – tradDeductPhaseOutStart);
deductibleTraditionalContribution = Math.floor(totalContributionLimit * reductionFactor / 10) * 10;
} else {
deductibleTraditionalContribution = totalContributionLimit;
}
}
deductibleTraditionalContribution = Math.max(0, deductibleTraditionalContribution); // Ensure it's not negative
// Display results
resultRothContribution.textContent = 'Maximum Roth IRA Contribution: $' + maxRothContribution.toLocaleString();
resultTraditionalContribution.textContent = 'Maximum Traditional IRA Contribution: $' + maxTraditionalContribution.toLocaleString();
resultTraditionalDeductibility.textContent = 'Deductible Traditional IRA Contribution: $' + deductibleTraditionalContribution.toLocaleString();
if (maxRothContribution === 0 && maxTraditionalContribution === 0 && deductibleTraditionalContribution === 0) {
resultWarning.textContent = 'Based on your MAGI and filing status, you may not be eligible to contribute to a Roth IRA or deduct Traditional IRA contributions. Consider a "backdoor Roth" strategy if applicable.';
} else if (maxRothContribution === 0 && maxTraditionalContribution > 0 && deductibleTraditionalContribution === 0) {
resultWarning.textContent = 'You cannot contribute to a Roth IRA. You can contribute to a non-deductible Traditional IRA. Consider a "backdoor Roth" strategy.';
} else if (maxRothContribution > 0 && maxTraditionalContribution > 0 && deductibleTraditionalContribution === 0) {
resultWarning.textContent = 'You can contribute to a Roth IRA or a non-deductible Traditional IRA. Consider a "backdoor Roth" strategy if you prefer Roth but are phased out.';
}
resultWarning.style.display = resultWarning.textContent ? 'block' : 'none';
}
// Initial call to set spouse coverage visibility and calculate on load
toggleSpouseCoverage();
calculateIRALimits();
Understanding Your IRA Contribution Limits
Individual Retirement Arrangements (IRAs) are powerful tools for saving for retirement, offering tax advantages that can significantly boost your long-term wealth. However, the amount you can contribute each year, and whether those contributions are tax-deductible, depends on several factors, including your age, income, and whether you or your spouse are covered by a retirement plan at work.
What is an IRA?
An IRA is a personal savings plan that allows you to save for retirement with tax-deferred growth or tax-free withdrawals, depending on the type of IRA:
Traditional IRA: Contributions may be tax-deductible in the year they are made, reducing your current taxable income. Earnings grow tax-deferred until retirement, when withdrawals are taxed as ordinary income.
Roth IRA: Contributions are made with after-tax dollars, meaning they are not tax-deductible. However, qualified withdrawals in retirement are completely tax-free. Earnings also grow tax-free.
Key Factors Affecting Your Contribution Limits
1. Base Contribution Limit
The IRS sets a base limit for how much you can contribute to all your IRAs (Traditional and Roth combined) each year. This limit is adjusted periodically for inflation. For example:
2023: $6,500
2024: $7,000
2. Catch-Up Contributions (Age 50 and Over)
If you are age 50 or older by the end of the tax year, you are allowed to make an additional "catch-up" contribution. This helps individuals closer to retirement boost their savings. The catch-up contribution limit is typically $1,000, meaning your total contribution limit would be higher.
2023: $1,000 (total $7,500 if 50+)
2024: $1,000 (total $8,000 if 50+)
3. Modified Adjusted Gross Income (MAGI)
Your Modified Adjusted Gross Income (MAGI) is a crucial factor, especially for Roth IRAs and the deductibility of Traditional IRA contributions. MAGI is your adjusted gross income (AGI) with certain deductions added back. Higher MAGI can reduce or eliminate your ability to contribute to a Roth IRA or deduct Traditional IRA contributions.
4. Filing Status
Your tax filing status (Single, Married Filing Jointly, Head of Household, etc.) directly impacts the MAGI phase-out ranges for both Roth IRA contributions and Traditional IRA deductibility.
5. Employer-Sponsored Retirement Plan Coverage
Whether you (and your spouse, if applicable) are covered by a retirement plan at work (like a 401(k) or 403(b)) significantly affects the deductibility of your Traditional IRA contributions. If you are not covered by an employer plan, your Traditional IRA contributions are generally fully deductible, regardless of your income. However, if you are covered, your MAGI will determine how much, if any, of your Traditional IRA contribution is deductible.
How the Calculator Works
This calculator takes into account all these variables to provide an estimate of your maximum allowable IRA contributions and the deductibility of your Traditional IRA contributions for a given tax year. It will show you:
Maximum Roth IRA Contribution: The highest amount you can contribute to a Roth IRA, considering your age and MAGI phase-out limits.
Maximum Traditional IRA Contribution: The highest amount you can contribute to a Traditional IRA. Note that this limit is generally the same as the Roth limit, but the deductibility is separate.
Deductible Traditional IRA Contribution: The portion of your Traditional IRA contribution that you can deduct from your taxable income, based on your MAGI, filing status, and employer plan coverage.
Important Considerations:
Earned Income: You must have earned income at least equal to your contribution amount to contribute to an IRA. This calculator assumes you have sufficient earned income.
Backdoor Roth: If your MAGI is too high to contribute directly to a Roth IRA, you might consider a "backdoor Roth" strategy. This involves contributing to a non-deductible Traditional IRA and then converting it to a Roth IRA. Consult a financial advisor for this complex strategy.
Spousal IRA: If you are married and file jointly, and one spouse has little or no earned income, the working spouse can contribute to an IRA on behalf of the non-working spouse (a "spousal IRA"), up to the same limits.
Consult a Professional: This calculator provides estimates based on IRS rules. For personalized advice, always consult with a qualified financial advisor or tax professional.
Examples:
Example 1: Single, Under 50, Moderate Income, No Employer Plan (2024)
Tax Year: 2024
Age: 40
Filing Status: Single
MAGI: $60,000
Covered by Employer Plan: No
Results:
Maximum Roth IRA Contribution: $7,000 (MAGI below phase-out)
Maximum Traditional IRA Contribution: $7,000
Deductible Traditional IRA Contribution: $7,000 (Not covered by employer plan, so fully deductible)
Example 2: Married Filing Jointly, Over 50, High Income, Both Covered by Employer Plan (2024)
Tax Year: 2024
Age: 55
Filing Status: Married Filing Jointly
MAGI: $250,000
Covered by Employer Plan: Yes
Spouse Covered by Employer Plan: Yes
Results:
Maximum Roth IRA Contribution: $0 (MAGI above phase-out for MFJ)
Maximum Traditional IRA Contribution: $8,000 (Base + Catch-up)
Deductible Traditional IRA Contribution: $0 (MAGI above phase-out for covered individuals)
Note: In this scenario, a "backdoor Roth" might be considered.
Example 3: Single, Under 50, Income in Roth Phase-Out, Covered by Employer Plan (2024)
Tax Year: 2024
Age: 45
Filing Status: Single
MAGI: $150,000
Covered by Employer Plan: Yes
Results:
Maximum Roth IRA Contribution: ~$4,900 (Partial contribution due to MAGI phase-out)
Maximum Traditional IRA Contribution: $7,000
Deductible Traditional IRA Contribution: $0 (MAGI above phase-out for covered individuals)