Tax Tips: You might still be able to make a deductible contribution to an IRA for 2007
Jan 29th 2008 9:00AM
Updated Jan 30th 2008 2:06PM
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.
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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.