Ethan Schuchman, MBA, CFP®

Calculators
Got a question that involves number crunching? Use the calculators on this page to find the mathematical answer to the most commonly asked number-crunching questions, and see your inputs displayed next to the graph, chart, and/or table output in a side-by-side display.
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IRA Eligibility Flowchart: 2011

Choose from the following selections if your federal income tax filing status is:

What you need to know before beginning:
  • Married couples should evaluate their options independently. Use this flow chart twice--once for you and once for your spouse.
  • You can't contribute to a traditional IRA once you've reached age 70½ (there is no age cutoff for Roth IRAs).
  • The total amount that you as an individual can contribute to either a traditional or Roth IRA in 2011 is limited to the lesser of $5,000 ($6,000, if 50 or older) or 100 percent of your earned income for the year. (The annual IRA limits don't apply to rollover contributions or repayments of qualified hurricane distributions and qualified reservist distributions. Special contribution rules apply to certain former employees of Enron corporation.)
  • There is often no reason to make nondeductible traditional IRA contributions when you qualify to fund a Roth IRA. However, the choice between funding a Roth IRA or making deductible contributions to a traditional IRA depends on your particular circumstances.
  • Spousal IRA: If you are married and file a joint return, and either you or your spouse has less than $5,000 (2011) in earned income, special rules apply.
  • The choices available to you depend in large part on your modified adjusted gross income for the year.
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