You can contribute up to $5,000 to an IRA during tax years 2009 and 2010. And if you’re age 50 or older in each of these years, you can make an extra $1,000 catch-up contribution.
Contributions for the 2010 tax year can be made anytime between January 1, 2010 and April 15, 2011. You can also make contributions for the 2009 tax year up to April 15, 2010.
What type of IRA contributions are you eligible for – contributions to a Roth IRA, tax-deductible contributions to a traditional IRA, or nondeductible contributions to a traditional IRA?
And once you determine which type of contribution you can make, do you know which type of IRA is right for you?
To find the answers to these and other questions surrounding IRA eligibility, contributions, and general account rules, select from the questions below. You can also use our IRA Calculators to learn: