Tax Experts

Can I Make a 2007 IRA Contribution?

By Kevin McCormally, Editorial Director, Kiplinger.com

April 2008

Q: I'm over 50 so can I get a 2007 tax deduction for up to $6,000 if I open an IRA with after-tax-money by April 15? -- Anthony S.

Kevin's Answer

You can make a contribution by April 15 and claim the deduction on your 2007 tax return, but the limit for 2007 IRA contributions (including those made in 2008 before the deadline) is $5,000 for those who were 50 or older at the end of 2007 ($4,000 for those under 50).

The limits rise to $6,000 for those 50 and older ($5,000 for those under 50) for 2008 contributions.

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