Depending on your age, marriage status and your income, the amount that you and/or your spouse can contribute to an IRA will vary. Since I have gotten a few questions from readers in regards to this, I wanted to point out a handy dandy calculator that can estimate how much you can contribute this year to a deductible IRA, a non-deductible IRA and a Roth IRA. When you click on the link below, you will be entering the following information into the calculator:
Adjusted Gross Income
Tax Filing Status
Yes or No to participating in a program at work
Anticipated Earned Income for this year
Age you will be come December 31
Once you enter all of these numbers, the calculator at FinCalc will tell you plans you are eligible for and how much you can contribute for this calendar year. Hopefully this will answer the questions I got and give readers a baseline as to how much they can put away in an IRA. Enjoy!