Vanguard - Compare Types of IRAs
Personal Investors

What Kind of IRA Is Best for Me?

PlainTalk® in Brief

As long as you have earned income, you can contribute to an IRA. (Investors over 70½ cannot contribute to a traditional IRA, but may contribute to a Roth IRA.)
Don't have earned income? If you're married and file a joint tax return, you can still contribute to an IRA based upon your working spouse's income.

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Part I: Your IRA eligibility

How do tax laws affect your eligibility for an IRA? Which IRA is best for your financial situation? This two-part worksheet can help you find answers.

The worksheet can help you:

  • Determine if you can contribute to a traditional or Roth IRA.
  • See if you are eligible to deduct your traditional IRA contribution.
  • Calculate your maximum allowable contribution.
  • Project the long-term returns of each type of IRA and compare your options.

How this calculator works

Part I: IRA contribution worksheet

1. For which tax year are you contributing?

 

2. Your tax-filing status for the indicated year.

 

3. Your taxable income for the indicated year.
(If you are 70½ or older, include the amount of your required minimum distribution [RMD].)

$

4. Your modified adjusted gross income for the indicated year.

$

5. Your date of birth.

 

6. Are you able to participate in an employer-sponsored retirement plan during the indicated year?

 

7. Your spouse's date of birth.

 

8. Is your spouse able to participate in an employer-sponsored retirement plan during the indicated year?

 
   
 

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