|Maximum contribution for 2012*||CONTRIBUTE_MAXIMUM|
|Actual contribution for 2012*||ANNUAL_CONTRIBUTIONMSG_CONTRIBUTE_LBL|
|IRA Total at Retirement||ROTH_TOTAL|
|Taxable savings account||TOTAL_TAXABLE|
|Age of retirement||AGE_OF_RETIREMENT|
|Years until retirement||YEARS_UNTIL_RETIREMENT|
|Expected rate of return||RATE_OF_RETURN|
|Marginal tax rate||MARGINAL_TAX_RATE|
If you are 50 or older you can make an additional 'catch-up' contribution of $1,000. The 'catch-up' contribution amount of $1,000 remains unchanged for 2014. In order to qualify for the 'catch-up' contribution, you must turn 50 by the end of the year in which you are making the contribution.
It is important to note that Roth IRA contributions are limited for higher incomes. If your income falls in a 'phase-out' range you are allowed only a prorated Roth IRA contribution. If your income exceeds the phase-out range, you do not qualify for any Roth IRA contribution. For the purposes of this calculator, we assume that your income does not limit your ability to contribute to a Roth IRA. The table below summarizes the income 'phase-out' ranges for Roth IRAs.
|Tax filing status||2014 Income Phase-Out Range|
|Married filing jointly or head of household||$181,000 to $191,000|
|Single||$114,000 to $129,000|
|Married filing separately*||$0 to $10,000|
Starting in 2010 high income individuals will have the option to make non-deductible traditional IRA contributions and then immediately convert them to a Roth IRA. This can effectively eliminate the income phase-out for Roth IRA contributions.
It is important to remember that these scenarios are hypothetical and that future rates of return can't be predicted with certainty and that investments that pay higher rates of return are generally subject to higher risk and volatility. The actual rate of return on investments can vary widely over time, especially for long-term investments. This includes the potential loss of principal on your investment. It is not possible to invest directly in an index and the compounded rate of return noted above does not reflect sales charges and other fees that funds and/or investment companies may charge.
|Filing Status and Income Tax Rates 2014*|
|Tax Rate||Married Filing Jointly or Qualified Widow(er)||Single||Head of Household||Married Filing Separately|
|10%||$0 - $18,150||$0 - $9,075||$0 - $12,950||$0 - $9,075|
|15%||$18,150 - $73,800||$9,075 - $36,900||$12,950 - $49,400||$9,075 - $36,900|
|25%||$73,800 - $148,850||$36,900 - $89,350||$49,400 - $127,550||$36,900 - $74,425|
|28%||$148,850 - $226,850||$89,350 - $186,350||$127,550 - $206,600||$74,425 - $113,425|
|33%||$226,850 - $405,100||$186,350 - $405,100||$206,600 - $405,100||$113,425 - $202,550|
|35%||$405,100 - $457,600||$405,100 - $406,750||$405,100 - $432,200||$202,550 - $228,800|
|39.6%||over $457,600||over $406,750||over $432,200||over $228,800|
*Caution: Do not use these tax rate schedules to figure 2013 taxes. Use only to figure 2014 estimates. Source: 2014 tax brackets http://www.irs.gov
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