Employee Benefits/Tax-Still Time (3 Days) To Make IRA Contributions

IRA contributions aren’t due until April 15. You can make contributions for 2009 to your traditional or Roth IRA, including “catch-up” contributions, up to the due date of your tax return (without extensions), normally April 15. The regular IRA contribution limit is $5,000 for 2009. You may also make a “catch-up” contribution to an IRA for 2009, up to $1,000, if you are age 50 or older by the end of 2009. Note that whether or not you are able to deduct all or a portion of your contributions (including a “catch-up” contribution) to a traditional IRA depends on your tax filing status, your income level and whether you or your spouse participate in an employer-sponsored, tax-favored retirement plan. Also, to be entitled to make any contribution to a Roth IRA (including a “catch-up” contribution), you must meet certain requirements. See the discussion in the Winter 2010 edition of Retirement News for Employers.