This Ruby gem allows you to calculate maximum Roth IRA contributions based on Modified Adjusted Gross Income (MAGI), Age, Filing Status, and Tax Year. Guidelines for these calculations were taken from the IRS Publications on Roth IRAs.
Contribution and income limits may vary every year, and thus changes to the code will be required. This gem is currently up to date for Tax Years 2015 - 2019.
In your gemfile, add
gem 'roth_ira', '~> 1.2.2'
Alternatively, you can manually install the gem.
gem install roth_ira
To calculate a contribution limit, initialize a new RothIRA object with the tax year. Then, call
calculate_limit, and pass MAGI, filing status, age, and (optionally) spouse age.
> roth_ira = RothIRA.new(2017) > roth_ira.calculate(75000, :single, 25) 5500 > RothIRA.calculate(75000, :married_filing_jointly, 25) 11000
Next, call the method
RothIRA.calculate_limit and pass four parameters: MAGI, filing status as a symbol (:single, :married_filing_jointly), age, and (optionally) spouse's age.
RothIRA.calculate_limit(75000, :single, 25) > 5500 RothIRA.calculate_limit(75000, :married_filing_jointly, 49) > 11000 RothIRA.calculate_limit(75000, :married_filing_jointly, 49, 50) > 12000
roth_ira follows semantic versioning. New with version 1.0.0, year is no longer an optional parameter and must be specified. Additionally, implementation has shifted from module methods to class instance methods.