- Days left
You may still be able to make a contribution to a Roth IRA for 2007. In order to be eligible to make a Roth IRA contribution, you must have taxable compensation like wages, but your compensation must not exceed certain limits (modified adjusted gross income of $169,000 for married couples and $116,000 for single).

You can contribute up to $4,000, or if you're age 50 or older, up to $5,000. The maximum amount you can contribute will be influenced by your income. Spouses can contribute to Roth IRAs even if they didn't have income, so long as one spouse had sufficient wages.

A Roth IRA contribution can be made anytime during the year. If you didn't contribute to one in 2007, you still have time to make a contribution that will count for 2007, though. You have until April 15, 2008 to contribute for 2007.

Complete details on IRA contributions and distributions are found in IRS Publication 590.

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

Advice for Recent College Grads

Prepare yourself for the "real world".

View Course »

What is Inflation?

Why do prices go up?

View Course »

TurboTax Articles

Rental Property Deductions You Can Take at Tax Time

Rental property often offers larger deductions and tax benefits than most investments. Many of these are overlooked by landlords at tax time. This can make a difference in making a profit or losing money on your real estate venture. If you own a rental property, the IRS allows you to deduct expenses you pay for the upkeep and maintenance of the property, conserving and managing the property, and other expenses deemed necessary and associated with property rental.

Add a Comment

*0 / 3000 Character Maximum