For any tax year, your may contribute the lesser of the regular contribution limit or 100% of your taxable compensation (or earned income). If you reach age 50 by the end of a year, you may contribute an additional amount as a catch-up contribution. Here is a chart outlining contribution limits for some tax years:
You may contribute to a spousal IRA on behalf of your non-working spouse. The limits discussed above apply. Remember that if you also contribute to an IRA for yourself, both IRAs must be maintained as separate accounts, as IRAs cannot be held jointly. Of course, in order for you to make a spousal IRA contribution, you and your spouse must file a joint income tax return. Your combined contribution should not be more than the amount of taxable compensation you report on your tax return.
IRA participant contributions must be made by Apr 15. If Apr 15 falls on a weekend, the deadline is the next business day. Contributions postmarked on or before Apr 15 are considered to be made by the deadline.
No comments:
Post a Comment