In 2010 (unless congress changes the law), the maximum per spouse is $5000 if under age 50 at year end and $6000 if 50 or older at year end.
HOWEVER, there are quite a few additional variables. For instance, if either spouse participates in an employer-sponsored plan during the year, then there are income restrictions on how much of that is deductible - if you make over a certain amount, you don't get to deduct some or all of the contribution. That's for a Traditional IRA. For a Roth IRA you don't deduct the contribution in any case, and it has higher income restrictions and contribution to an employer sponsored plan is irrelevant. Whether you file separately or jointly also impacts how much you can deduct. Also, you can only contribute earned income, so if you made less than $10,000 as a couple, you cannot contribute the full $5000 each to an IRA (even on a non-deductible basis.
The above list of variables is not comprehensive. Although I understand many of the rules, I don't feel qualified to try to put together such a list. I'd recommend contacting a financial planner, estate planner or accountant (depending on your exact situation) unless you have some other resource that you feel confident addresses your specific situation. For many couples, it is in fact as simple as you can each contribute $5000.
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An Ira caulator is used to find out how much money you will gain in the future with money that you invest now. By using your monthly contribution, years until retirement and estimated annual inflation you can get a realistic prediction of how much money you will get from your investment in the future. However be carefull for there are two kinds of Ira caculators a regualr Ira and a Roth Ira, research what type of Ira is best for you and do not go by just the caculator alone.
The number changes almost every year. To calculate your maximum contribution for 2009, first take the SMALLER of the following two numbers: 1) $5000 (or $6000 if you are age 50 or over). 2) Your taxable compensation income for the year. Compensation income is wages, commissions, tips, net self-employment, and alimony. Then subtract the amount you contributed to a traditional IRA for the same year from the number above. For 2009, if you are single and your Modified Adjusted Gross Income exceeds $105,000 or if you are married filing jointly and it exceeds $166,000, then there are further limitations. If you are married filing separately, there is an even more severe limitation.
2010 Simple limits will remain the same as in 2009. With the 2010 contribution limit now attached to a cost-of-living index, the Simple IRA limit will remain at $11,500. In addition to the above, 2010 simple IRA catch-up contributions are $2,500. Catch-up contributions are allowed to participants 50-years old and older to increase the level of contributions as they grow closer to retirement.
The calculator is used to calculate the benefits if anything between your normal IRA when you decide to a roth IRA. Roth IRA varies from normal IRA but both are unique to your financial situation.
A Roth IRA calculator will allow you to compare a Roth IRA and a traditional IRA to help you best determine which option you need to be doing to meet your retirement needs.