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Financial Calculators

1st Source wants to help you make financial decisions that are right for you. That's why we're providing easy-to-use planning calculators to assist you with your financial goals.

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Roth IRA Deposit Calculator

How much can you save in a Roth IRA? Enter the following information to compute how much you would need to deposit in your Roth IRA in order to achieve a desired goal. In a Roth IRA, you pay taxes on your income now, but you can withdraw the funds tax free when you retire.

Because this is a Roth IRA, your contribution limit is after taxes, so your effective contribution limit is higher than a regular IRA.

Desired goal amount: $
Number of years to save:
Rate of return: %
Current tax rate: %

In order to save $50,000.00 in 15 years, you must deposit $1,971.04 each year, after taxes. If you are in a 28.00% tax bracket, your pre-tax contribution must be $2,737.56.

Qualifying contributions are usually limited as follows:

Year Annual Contribution Limit
2002 through 2004
$3,000 per individual
2005 through 2007
$4,000 per individual
2008 onward*
$5,000 per individual

* Beginning in 2009, the contribution limit will adjust annually for inflation in $500 increments

If you are age 50 or over, you may qualify for an additional catch-up contribution as follows:

Year Additional Catch-Up Contribution
2002 through 2005
$500 per individual
2006 onward
$1,000 per individual

Your actual qualifying contribution may differ significantly from the amounts listed above (for reasons such as income, filing status, employer benefits, and more). We strongly recommend that you consult your tax advisor before contributing to a retirement program.

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TimeValue Software
online financial calculators

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1st Source Bank

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The information provided by these calculators is for illustrative purposes only. The information entered may vary from your actual loan, mortgage, investment, or savings results. Interest rates are hypothetical and are not meant to represent any specific investment. Rates of return will vary over time, particularly for long-term investments. The calculated results are not guaranteed to be accurate and are in no way endorsed, offered or guaranteed by 1st Source Bank.


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