Super Fitness Health BlogRoth IRA Calculator
Self-Employed IRA Calculator
If you are self-employed, the Roth IRA calculator can help you decide how much to contribute as an employee and as an employer.
Did you know you can contribute up to $15,000 to your tax-deferred account with a solo 401(k) plan? You have to be self-employed with no other employees (other than a spouse). In addition to that, you can contribute 25% of your compensation (if your business is incorporated) up to a maximum combined contribution of $46,000 in 2008 and $49,000 in 2009.
50 Years or Older
You are eligible for an additional $5,000 in catch-up contributions. You can contribute a total of $51,000 in 2008. For 2009, you can contribute a maximum of $54,000.
Contrast Traditional IRA to Roth IRA
Contributions to a Roth IRA are not tax-deductible unlike the traditional IRA. Withdrawals are generally tax-free, but not always and not without certain rules and guidelines. We all know how quickly tax laws change from year to year. One of the good things about a Roth IRA compared to a traditional IRA is that there are fewer restrictions and requirements.
Try the Roth IRA Calculator
If you are looking for more information on the Roth IRA plan, you can visit the experts at TurboTax Online. They have the Roth IRA Calculator which is very easy to use. You just pull the slider into your category of income and the software calculates for you. I know my head starts to spin when I think of all the rules and regulations.
I don’t want to make a mistake on my return and I just don’t have the time to read volumes of books on new tax laws. In today’s times most of us are looking for help from a source we can trust. Their website is safe and secure and millions have used their software over the years. What are you waiting for? Give them a try today. You’ll be glad you did.
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