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IMPORTANT INFORMATION
Note: The IRA Evaluator is intended to serve as an educational tool, not
investment or tax advice. Your circumstances are unique, therefore you
should consult an investment professional if you feel you need more personal
advice. Because your circumstances will probably change over time, it is a
good idea to review your financial strategy periodically to be sure it
continues to fit your situation. All examples are hypothetical and are
intended for illustrative purposes only.
1. If you are 50 or older for the year in which you are contributing, the
maximum annual contribution amount includes a catch-up contribution of $1,000. Contributions
may not be made to Traditional IRAs beginning for the year you reach age 70½ and thereafter.
2. This calculator does not address Married, Filing Separately status. If
you are Married, Filing Separately and your AGI is greater than $10,000, you
may not be eligible to contribute to a Roth IRA or deduct your contribution
to a Traditional IRA. For more information, please consult your tax adviser.
3. Adjusted Gross Income, as modified per IRS requirements. At least one
spouse must have earned income to be eligible to contribute to an IRA. For
more information, please see IRS Publication 590 or consult your tax adviser.
4. The IRA Evaluator is intended to serve as an educational tool, not investment or
tax guidance therefore you should consult an investment professional if you
feel you need more personal guidance. Because your circumstances will probably
change over time, it is a good idea to review your financial strategy
periodically to be sure it continues to fit your situation. All examples are
hypothetical and are intended for illustrative purposes only.
5. Roth IRA earnings withdrawn prior to the end of the five-year aging period and
prior to reaching age 59½ will be subject to a 10% early withdrawal penalty
unless used to meet qualified expenses.
6. Roth IRAs are not subject to the Minimum Required Distribution rules prior
to the account owner's death.
7. A distribution from a Roth IRA is tax-free and penalty-free provided that
the five-year aging requirement has been satisfied and one of the following
conditions is met: age 59½, death, disability, qualified first-time home
purchase.
8. Withdrawals before age 59½ may be subject to a 10% early withdrawal
penalty.
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