Tax Tips: Can I still contribute to a Roth IRA?
Feb 13th 2008 10:00AM
Updated Feb 13th 2008 2:21PM
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.