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How it works
Formula & explanation
IRA Calculator uses the following calculation:
FV = P(1+i)n + PMT × [ (1+i)n−1 ] / i
This is a simplified model intended for planning and education. Real-world offers from lenders, institutions, or tax authorities may include additional fees, rules, or adjustments not reflected here.
FAQ
Frequently asked questions
How is a traditional IRA taxed?
Contributions may be tax-deductible now, and withdrawals in retirement are taxed as ordinary income.
When can I withdraw without penalty?
Generally at age 59½; earlier withdrawals can trigger a 10% penalty plus ordinary income tax, with some exceptions.
Do I have to take required minimum distributions?
Yes — traditional IRAs are subject to RMDs starting at the IRS-specified age; see our RMD Calculator to estimate yours.
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