What are the IRA contribution limits for 2024?

The 2024 IRA contribution limit is $7,000 per person ($8,000 if age 50 or older). This limit applies to the total combined contributions across all Traditional and Roth IRAs you own.

Can I contribute to both a Traditional and Roth IRA in the same year?

Yes — you can contribute to both a Traditional and Roth IRA in the same tax year, but your total combined contributions across both accounts cannot exceed the annual limit ($7,000 in 2024, or $8,000 if age 50 or older). You can split the limit any way you choose — for example $4,000 to Traditional and $3,000 to Roth.

What is a Roth IRA income limit?

For 2024, Roth IRA contributions phase out for single filers with MAGI between $146,000–$161,000, and for married filing jointly between $230,000–$240,000. Above these limits, you cannot contribute to a Roth IRA directly (though a Backdoor Roth conversion may be an option).

What's a Roth conversion?

A Roth conversion moves money from a Traditional IRA (or 401k) to a Roth IRA. You pay taxes on the converted amount in the year of conversion, but the money then grows tax-free. This can be advantageous in low-income years or to avoid future RMDs.

Do Traditional IRAs have required minimum distributions (RMDs)?

Yes — Traditional IRAs require minimum distributions starting at age 73 (as of 2023 SECURE 2.0 Act). Roth IRAs have no RMDs during the owner's lifetime, making them powerful for estate planning.

📈Investing

Traditional vs Roth IRA: Which One Leaves You With More Money?

How much will your IRA be worth?

What This Does

The IRA choice — Traditional vs Roth — is one of the most impactful tax decisions you'll make for retirement. Both accounts grow tax-advantaged, but the difference is when you pay taxes: Traditional IRA gives you a tax deduction now and taxes withdrawals in retirement. Roth IRA gives no upfront deduction but lets your money grow and be withdrawn completely tax-free. The conventional wisdom is "use Roth if you expect to be in a higher tax bracket in retirement, Traditional if you expect to be lower." But the reality is more nuanced — it depends on your current income, expected retirement income, state taxes, required minimum distributions, estate planning goals, and how long you have to compound. This calculator projects both account types side by side using your inputs: current age, retirement age, annual contribution, current income and tax bracket, expected retirement tax rate, and assumed return. It shows you the tax savings today from Traditional, the tax-free balance of Roth, and critically — the after-tax value of both at retirement so you can see which truly leaves you with more money in your pocket. The contribution limit for 2024 is $7,000 ($8,000 if age 50+), with Roth phasing out at incomes over $146,000 (single) or $230,000 (married). Traditional deductibility phases out based on income and whether you have a workplace plan.

When Should You Use This?

→Deciding between a Traditional IRA and Roth IRA for this year's contribution
→Comparing after-tax retirement wealth under different tax rate scenarios
→Evaluating whether to do a Roth conversion on existing Traditional IRA funds
→Understanding how contribution limits and income phase-outs affect your IRA strategy
→Modeling how many years of Roth compounding it takes to offset the upfront tax cost

Example Scenario

Marcus, 32, earns $85,000 and is in the 22% federal tax bracket. He can contribute $7,000 to either a Traditional or Roth IRA. The Traditional IRA saves him $1,540 in taxes this year. Using the calculator with a 7% return over 33 years to age 65 and assuming a 22% retirement tax rate, both options produce nearly identical after-tax wealth. But if Marcus expects his retirement income to be lower — putting him in the 12% bracket — the Traditional IRA wins by roughly $15,000.

IRA Calculator

Traditional vs Roth · After-Tax Wealth · Break-Even Bracket · Growth Projection

Results update in real time as you adjust any input.

Your Profile

Current Age

Retirement Age

Filing Status

Annual Income (MAGI)

Used to check Roth eligibility

Age 50 or older — catch-up contribution

Raises 2024 limit from $7,000 to $8,000/year

Contribution & Returns

Annual IRA Contribution

2024 max: $7,000 (under 50) · $8,000 (50+)

Expected Return (%/yr)

Tax Rates

Current Tax Bracket

Roth costs more now if this is higher

Expected Retirement Bracket

Traditional wins if this is lower than today

About This Calculator

This IRA calculator compares Traditional and Roth IRA outcomes using the future value of an annuity formula FV = PMT × ((1+r)^n − 1)/r × (1+r). Traditional IRA: full contribution grows pre-tax, withdrawal taxed at retirement bracket. Roth IRA: contribution reduced by current bracket (after-tax dollars), grows to the same pre-tax amount proportionally, withdrawn tax-free. Break-even occurs when retirement tax rate equals current tax rate — a mathematical certainty, not an estimate. Roth IRA eligibility is checked against 2024 phase-out ranges ($146k–$161k single, $230k–$240k MFJ). All results update in real time across all nine inputs.

The Compare tab renders a grouped bar chart of pre-tax balance at retirement at four contribution levels for both account types, plus a full side-by-side comparison table (8 metrics including RMDs, early withdrawal, and estate planning). The Growth tab shows a dual-area chart of after-tax wealth growth year by year for both accounts (Traditional at retirement bracket, Roth tax-free) with gradient fills and a custom tooltip showing the per-year advantage, plus a year-by-year table every 5 years. The Brackets tab shows a grouped bar chart of Traditional vs Roth after-tax wealth at each of 7 federal tax brackets — the Roth line is perfectly flat (tax-free regardless of bracket) while Traditional falls as retirement rate rises, with your estimated bracket marked, plus the full break-even table.

Strategy score (0–100): tax rate direction (30 pts — current vs retirement bracket), time horizon (30 pts), Roth eligibility (25 pts), contribution level (15 pts). Dynamic accent: emerald (Roth is Ideal ≥80), indigo (Roth Likely Better ≥65), amber (Worth Considering ≥45), orange (Situation Specific ≥25), red (Traditional May Win). Four auto-trigger flags: income exceeds Roth limit, partial Roth eligibility, retirement bracket ≥ current bracket, contribution exceeds annual limit. Four insights adapt to bracket direction, contribution/timeline math, break-even analysis, and Roth advantages or Backdoor Roth strategy. Four What To Do Next steps have three tiers: ineligible (Backdoor Roth guidance), Roth winner, and Traditional winner.

Results are estimates only and do not constitute financial, tax, or legal advice. Always consult a qualified professional before making financial decisions.