Still time for 2009 IRA contributions
By Herb WeisbaumThe calendar says 2010, but you still have until April 15th to make your 2009 IRA contribution. Multimedia"You can contribute up to $5,000 or if you're 50 or over you can contribute a maximum of $6,000," says Greg McBride, senior financial analyst at Bankrate.com. "If you contribute to a traditional IRA and for singles your income would have to be blow $55,000, for joint filers your income has to be below $89,000, then you would be able to deduct the full amount of your contribution assuming that you're also covered by a retirement plan at work. "You would not pay taxes on that contribution and any of its earnings until you begin to withdraw the money in retirement." So in many ways an IRA is like a 401(k) account. You are saving for your future and in many cases, reducing your tax burden right now. Remember, while you can get a extension on your filing your tax form, there's no extension on making that IRA contribution. April 15th is a hard deadline. For more information |
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February 9, 2012
- Roseburg, Oregon
