The first step in developing a sound IRA strategy is to understand which alternatives are available to you. To determine how much you are eligible to contribute to each type of IRA, enter the following information into our IRA calculator:

Select the year for which you want to contribute: 20102009

Determine Your IRA Eligibility

What is your planned tax filing status?   Select One ... Married, Filing Jointly Married, Filing Separately Single, Head of House Do you or your spouse currently participate/plan to participate in an employer-sponsored retirement plan at work? You YesNo Your Spouse YesNo What is your estimated Modified Adjusted Gross Income? You Your Spouse Will you or your spouse be 50 years of age or over by December 31, of the tax year for which you are contributing? You YesNo Your Spouse YesNo

SUBMIT

This IRA calculator is designed to give you a basic overview of your IRA alternatives. The tax law is complex, and the income limits and requirements of IRA eligibility are scheduled to change over the next several years. Also, information and regulations described here reflect Federal tax rules. State tax rules sometimes differ from Federal rules. Schwab recommends you consult with a qualified tax advisor before making IRA decisions.

Important: This analysis assumes that if tax year 2010 or 2009 is selected, you make at least $5,000 of earned income if filing single, or $10,000 if married filing jointly, or $5,000 each if married filing separately. Please keep in mind that if your earned income is below these levels, your eligibility to make IRA contributions will be further limited. Remember, you can contribute up to a maximum of $5,000 for tax years 2009 and 2010 for all IRAs combined. If you are 50 years of age or older by December 31 of the tax year you selected, generally you can make an additional contribution of $1,000 per tax year.

Employer-Sponsored Plan:

Employer-sponsored plans include 401(k)s, 403(b)s, defined benefit plans, government employees' pension plans, profit sharing, and ESOPs.

Modified Adjusted Gross Income (MAGI):

Your gross income from all sources (including wages, salaries, tips, taxable interest, dividend income, alimony, capital gains (losses), increased and decreased by certain adjustments (not including itemized deductions). (See IRS Publication 590 Individual Retirement Arrangements (IRAs) for additional details).