Easy Roth IRA Calculator

A Roth IRA calculator is an easy online tool to know the maturity amount of your periodical deposit of the the tax-paid amounts . So, an individual can use this IRA calculator to know the total accumulated as tax-free amount on maturity.

What is a Roth IRA?

A Roth IRA is a saving instruments specially meant for retirement period . The government does not tax the interest income accumulated on the periodical deposits by the account holder. So, the contributions and earnings of a a Roth IRA account holder grows tax-free. Here is a quiz on Roth IRA

4 Major Advantages of Roth IRA

  1. The maturity amount out of Roth IRA can be withdraw after initial lock up of five years tax- free and after the age 59½ and once the account has been open for five years.
  2. Contribution can be continued after age 70½, as long as you still have a qualifying earned income.
  3. There are no mandatory withdrawals..
  4. No income taxes for inherited Roth IRAs and withdrawals will also be income tax-free. 

Roth IRA Maturity Calculator

Formula used for Roth IRA calculator

Maturity Amount = S * (1+i)f* n  +  P*  [(1+i)f * n – 1 / i ]

Wherein,

  • S= the starting account balance
  • P= the periodical fixed amount invested at regular intervals
  • i is the rate of interest in %
  • f is the frequency of interest is paid
  • n =is the number years for which Roth IRA shall be made.

2020 Roth IRA Income Limits

How much can you contribute to a Roth IRA ? Well, your Modified Adjusted Gross Income (MAGI) for the year determines the quantum of Roth IRA contribution limits. The following charts shows the for 2010

Single Filers (MAGI)Married Filing Jointly (MAGI)Married Filing Separately (MAGI)Maximum Contribution for individuals under age 50Maximum Contribution for individuals age 50 and older
under $124,000under $196,000$0$6,000$7,000
$125,500$197,000$1,000$5,400$6,300
$127,000$198,000$2,000$4,800$5,600
$128,500$199,000$3,000$4,200$4,900
$130,000$200,000$4,000$3,600$4,200
$131,500$201,000$5,000$3,000$3,500
$133,000$202,000$6,000$2,400$2,800
$134,500$203,000$7,000$1,800$2,100
$136,000$204,000$8,000$1,200$1,400
$137,500$205,000$9,000$600$700
$139,000 & over$206,000 & over$10,000 & over$0$0

2019 Roth IRA income limits

Single Filers (MAGI)Married Filing Jointly (MAGI)Married Filing Separately (MAGI)Maximum Contribution for individuals under age 50Maximum Contribution for individuals age 50 and older
under $122,000under $193,000$0$6,000$7,000
$123,500$194,000$1,000$5,400$6,300
$125,000$195,000$2,000$4,800$5,600
$126,500$196,000$3,000$4,200$4,900
$128,000$197,000$4,000$3,600$4,200
$129,500$198,000$5,000$3,000$3,500
$131,000$199,000$6,000$2,400$2,800
$132,500$200,000$7,000$1,800$2,100
$134,000$201,000$8,000$1,200$1,400
$135,500$202,000$9,000$600$700
$137,000 & over$203,000 & over$10,000 & over$0$0

Here is roth ira contribution limit calculator

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2 Comments
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