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Home tax calculator

Easy Roth IRA Calculator

by Prashant Thakur
March 13, 2020
in tax calculator
0

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.

Table of Contents

  • What is a Roth IRA?
  • 4 Major Advantages of Roth IRA
  • Roth IRA Maturity Calculator
  • Formula used for Roth IRA calculator
  • 2020 Roth IRA Income Limits
  • 2019 Roth IRA income limits

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

Post Disclaimer

While the information on this site  - Internal Revenue Code Simplified-is about legal issues, it is not legal advice or legal representation. Because of the rapidly changing nature of the law and our reliance upon outside sources, we make no warranty or guarantee of the accuracy or reliability of information contained herein.

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  • Tax Rates 2023
    • Pension Plans Limits 2023
    • Estate & Trust
    • 2022 Tax Brackets
      • USA State and Local Taxes
      • EIC Table 2023, 2022
    • Tax Bracket 2021
    • Tax Brackets 2020
    • Tax Bracket 2019
      • Long Term Capital Gains Rate- 2019,2018,2017
      • 2019 & 2018 Standard Deduction
      • Kiddie Tax Brackets
    • Depreciation MACRS Table
  • Tax Information
    • Latest Phone number of IRS
    • Local Taxpayer Advocate Service Office
    • Search CAA & AA
  • Tax Calculator 2022 & 2023
    • Fastest Sales Tax Reverse Calculator
    •  EITC Calculator 2022 & 2023
    • SEP-IRA Calculator
    • Penalty Calculator
    • IRA Contribution Limit Calculator
    • Mileage Reimbursement Calculator
    • Net Investment Calculator
    • Alternative Minimum Tax Calculator for 2017 & 2018
    • Estimated Tax Penalty
    • Section 179 Deduction
    • tax residency
      • Physical Presence Test Calculator
      • US Tax Residency Calculator
      • First Year Choice Calculator
    • Capital Gains Calculator
    • Home Office Deduction Calculator
  • Write to me
  • Q&A
  • State and Local Taxes
    • California Tax Calculator With Tax Rates
    • DC Tax Rates 2022 & Past Years
    • Massachusetts tax calculator
    • Illinois tax calculator with tax rates
    • Indiana Tax Rate Chart
    • NY State Tax Rate 2022
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  • Guest Posting
  • Lottery Tax Rates by State
  • Test of calculator

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