Employer-sponsored plans include 401(k), 403(b), pension plans, and some profit-sharing plans. Eligibility for full or partial IRA contributions may be limited for those participating in an employer-sponsored retirement plan. If you, your spouse, or either of your employers contribute to such a plan, select Yes.
IRA eligibility for married individuals filing separately is severely restricted and is not included as a filing option in this calculator.
If the IRA holder turns 70½ this year, he or she can defer the first distribution until April 1 of the next year. If the holder is older, he or she would normally be required to take an RMD before December 31 of this year. RMDs are considered taxable income for the year in which they are taken.