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Categories: Retirement
Roth IRA’s yearly contributions
In 2007 you are allowed to put in up to $4,000. In 2008 you will be allowed to put in up to $5,000. What is considered a year? Could I open a Roth IRA at the end of 2007 dump in $4,000 dollars then Jan. 1st 2008 put in $5,000 more? Or does it go by anniversary dates like credit cards?
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Gabadoo
at 02:14pm on Jan 7, 2008
From what I remember, you have from january 1 2007 through April 15 2008 (tax deadline) to make FY 2007 RothIRA contributions. When making a contribution in 2008 for FY 2007, you need to let the investment firm know that it is intended for FY 2007.
pbucelwicz
at 02:21pm on Jan 7, 2008
Great! Thank you. My Roth IRA is at American Funds, and you are correct. When I go to buy shares, there is a check box which says: 2008 Contribution, or 2007 Contribution. I have not reached the 2007 limit so I should probably still contribute to that correct?
Gabadoo
at 02:39pm on Jan 7, 2008
Definitely, it would only work to your advantage.