This Content Is Not Intended As A Recommendation
Results are for the individual whose information was used in the tool. Your spouse may be able to contribute to an IRA. Not all contributions may be eligible as tax deductions.
Contributions to a Traditional IRA may or may not be deductible depending your tax filing status, your MAGI (modified adjusted gross income) and whether you (and/or your spouse) are considered covered by an employer-sponsored retirement.
When selecting married filing jointly, it is important to note that you and your spouse both may contribute to an IRA. The tool output is providing guidance for one individual only.
If you meet contribution eligibility requirements for both Roth and Traditional IRAs, you may contribute to both for the same year. However, the contributions made between the two IRAs, in aggregate, cannot exceed the contribution limit (i.e., $5,500 ($6,500 for those age 50 and older) for tax years 2015 and 2016).
*Be sure to consider your other choices, including keeping it the former employer’s plan, rolling it into a 401(k) at a new employer, or cashing out the account value keeping in mind that taking a lump sum distribution can have adverse tax consequences. Whatever you decide to do be sure to consult with your tax advisor.
Mutual funds are subject to market, exchange rate, political, credit, interest rate and prepayment risks, which vary depending on the type of mutual fund.
ETFs can entail risks similar to direct stock ownership, including market, sector, or industry risks. Some ETFs may involve international risk, currency risk, commodity risk, leverage risk, credit risk and interest rate risk. Trading prices may not reflect the net asset value of the underlying securities. Commission fees typically apply.
Taxes related to TD Ameritrade offers are your responsibility. All Promotional items and cash received during the calendar year will be included on your consolidated Form 1099. Please consult a legal or tax advisor for the most recent changes to the U.S. tax code and for rollover eligibility rules.
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