2007-10-24 07:36:45 · 4 answers · asked by kbuf12 1 in Business & Finance ➔ Taxes ➔ United States
If you have compensation (wages, tips, commissions, alimony) you may be able to contribute a maximum of $5,000 for 2007. You cannot contribute more than your compensation.
Your contribution is fully deductible if you and your spouse do not participate in an employer provided retirement plan such as a 401k. If you or your spouse participate in a retirement plan, you deduction, but not your contribution, may be limited.
If you are married, your spouse can contribute to an IRA regardless of the spouse's income, as long as you have compensation at least equal to both IRA contributions.
2007-10-24 08:09:37 · answer #1 · answered by ninasgramma 7 · 0⤊ 0⤋
This should answer your question...
For age 50 and above:
2006 & 2007 $5,000
2008 $6,000
2007-10-24 11:08:11 · answer #2 · answered by Anonymous · 0⤊ 0⤋
$5000 for 2007.
2007-10-24 07:43:11 · answer #3 · answered by Wayne Z 7 · 0⤊ 3⤋
See www.ira.com.
2007-10-24 07:57:24 · answer #4 · answered by Anonymous · 0⤊ 0⤋