Instructions for Using the Calculators

To use the calculators, simply input the required information and click on the calculate button to receive your results. Follow the prompts for each specific calculator to ensure accurate calculations.

Traditional IRA Early Withdrawal Calculator

Planning for early withdrawal from your Traditional IRA? This calculator helps you understand the potential penalties and taxes involved when withdrawing funds before the age of 59 1/2.

Traditional IRA to Roth IRA Conversion Tax Calculator

Considering converting your Traditional IRA to a Roth IRA? Use this calculator to estimate the taxes you might owe from the conversion, helping you make informed financial decisions.

FAQ

What is a Traditional IRA?

A Traditional IRA is a type of retirement savings account that offers tax advantages on contributions.

What is the penalty for early withdrawal from a Traditional IRA?

Typically, there is a 10% penalty for early withdrawal from a Traditional IRA, in addition to normal income tax on the withdrawn amount.

How does converting from a Traditional IRA to a Roth IRA affect my taxes?

When you convert from a Traditional IRA to a Roth IRA, the converted amount is added to your taxable income for that year, potentially increasing your tax liability.