Two weeks. That’s all the time you have left to contribute money to your 2007 Individual Retirement Account (IRA). Even though the tax year ended December 31, 2007, the government gives you a few extra months to set some tax-free money aside in your IRA. Here are some things to remember about traditional IRA’s:
- For 2007, the cap on contributions is $4,000. That will go up to $5,000 in 2008.
- Married couples filing jointly can deduct up to $8,000.
- Your earned income for the year must be at least equal to the amount of your IRA contribution.
This link will take you to the IRS website. Here you will find more information on traditional IRA’s, deduction worksheets and information on making withdrawals.