This free Savings & Investment calculator will help you estimate the growth of your savings or investments over time. It can be an essential tool in making financial projections, planning for future goals (including retirement), and assessing the potential outcomes of different savings and investment strategies. Enter the current balance, or amount you plan to put into the account, your future planned monthly contribution, expected or estimated interest rate, and how long you plan to leave the funds in the account.
In general, earnings on savings and investment accounts is taxable, and the payor is required by law to report the income to the IRS. The payor will also send you the appropriate IRS form for you to use in filing your taxes. Earnings on certain investment accounts may not be taxable until you withdraw the funds. Be sure to visit the IRS website and check the rules, or consult an accounting or financial planning professional.