You can contribute up to $5,000 to an IRA during tax year 2009. 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 2009 tax year can be made anytime between January 1, 2009 and April 15, 2010. You can no longer make 2008 tax year contributions.
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, how do you decide which is right for you?
The following categories will provide you with information about IRA eligibility, contributions, and general account rules, while our IRA Calculators will help you answer the questions: