Tax Tips: You might still be able to make a deductible contribution to an IRA for 2007
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Jan 29th 2008 9:00AM
Updated Jan 30th 2008 2:06PM
It might not be too late to get yourself a little extra tax savings by contributing money to a traditional IRA. If you qualify for a deductible contribution in 2007, you can still do it, so long as the money is received into your IRA no later than April 15th. The regular maximum contribution is $4,000 per person, or $5,000 per person age 50 or older.
Note that you cannot make a contribution to a 401(k) now and count it toward 2007. But you might be able to make a contribution to a Roth IRA for 2007. For details on IRAs and contribution rules, see IRS Publication 590: Individual Retirement Arrangements.
Make sure the company receiving your IRA money knows that you're contributing it for 2007, otherwise you could find yourself in trouble a year from now.
More Tax Forms
Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.
Note that you cannot make a contribution to a 401(k) now and count it toward 2007. But you might be able to make a contribution to a Roth IRA for 2007. For details on IRAs and contribution rules, see IRS Publication 590: Individual Retirement Arrangements.
Make sure the company receiving your IRA money knows that you're contributing it for 2007, otherwise you could find yourself in trouble a year from now.
More Tax Forms
Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.
