- Days left

Tax Tips: You might still be able to make a deductible contribution to an IRA for 2007

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.

Increase your money and finance knowledge from home

How much house can I afford

Home buying 101, evaluating one of your most important financial decisions.

View Course »

Introduction to Preferred Shares

Learn the difference between preferred and common shares.

View Course »

TurboTax Articles

What is Schedule F: Profit or Loss from Farming

If you earn a living as a self-employed farmer, you may need to include a Schedule F attachment with your tax return to report your profit or loss for the year. The Internal Revenue Service defines ?farmer? in a very broad sense?whether you grow crops, raise livestock, breed fish or operate a ranch.

5 Tax Tips for Single Parents

Filing taxes as a single parent requires coordination between you and your ex-spouse or partner. Usually the custodial parent claims the child as a dependent, but there are exceptions. A single parent is allowed to claim applicable deductions and exemptions for each qualifying child. Even though you claim your child as a dependent, she may still have to file her own tax return if she has income, such as from an after-school job.

Add a Comment

*0 / 3000 Character Maximum