Roth IRA Calculator
Project your Roth IRA balance at retirement based on your contributions, current balance, and expected return. Includes 2024 income eligibility and contribution limit checks.
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Frequently Asked Questions
What are Roth IRA contribution limits?
For 2024: $7,000/year ($8,000 if age 50+). Phase-outs begin at $146,000 (single) and $230,000 (married filing jointly). Above the phase-out range, you cannot contribute directly to a Roth IRA.
What is the backdoor Roth IRA?
If your income exceeds the Roth IRA limit, you can contribute to a traditional IRA (non-deductible) and then convert it to a Roth. This "backdoor" strategy has no income limit, though it works cleanest if you have no other traditional IRA balances.
When can I withdraw from a Roth IRA tax-free?
Contributions (not earnings) can be withdrawn at any time tax and penalty-free. Earnings are tax-free after age 59½ if the account has been open at least 5 years. Withdrawing earnings early results in taxes plus a 10% penalty.