- 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

How Financial Planners go Grocery Shopping

Learn to shop smart and save.

View Course »

How much house can I afford

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

View Course »

TurboTax Articles

Know The Key Dates For Health Care Reform

"Open enrollment periods for the health insurance marketplace under the Affordable Care Act are limited" says Mac Schneider, a retired certified public accountant from Albion, Michigan. ?Avoiding tax penalties requires awareness of important dates that may vary year-to-year.? As well as key dates, there are time cycles and coverage gap allowances important to health insurance coverage under provisions of health care reform.

Deducting Mortgage Interest FAQs

If you're a homeowner, you probably qualify for a deduction on your home mortgage interest. The tax deduction also applies if you pay interest on a condominium, cooperative, mobile home, boat or recreational vehicle used as a residence.

What Extra Tax Deductions Should I Make Sure To Take?

The federal government offers tax deductions and credits to reduce taxable income under certain circumstances. There are several that are often overlooked, including deductions for job hunting, caregiver expenses for dependents and children while you work, a credit to reduce taxes for moderate- to low-income earners and the premium tax credit associated with the Affordable Care Act. TurboTax can help determine if you qualify for these credits and deductions.

Add a Comment

*0 / 3000 Character Maximum