IRA Contribution Analyzer
Analyze your IRA contributions and plan for the future.
US-Specific Tool
Individual Retirement Accounts (IRAs) are US-specific retirement plans. The calculations shown here use USD for illustrative purposes.
Your Financial Details
$
2024 IRA Contribution Summary
Based on your inputs, here are your IRA contribution limits and options for 2024.
$7,000
Traditional IRA
$0
Deductible Contribution
Your contributions are not deductible due to your income and workplace plan.
Roth IRA
$7,000
Allowed Contribution
You can contribute up to $7,000 to a Roth IRA.
Key Considerations:
- Traditional IRA: Contributions may be tax-deductible now, reducing your taxable income. Withdrawals in retirement are taxed as ordinary income.
- Roth IRA: Contributions are made with after-tax dollars (not deductible). Qualified withdrawals in retirement are tax-free.
- You can contribute to both types, but your total contribution cannot exceed your annual maximum ($7,000).
This is a simplified guide for 2024. Consult a financial professional for advice specific to your situation. Contribution limits and phase-out ranges change periodically.