Tax Tips: You might still be able to make a deductible contribution to an IRA for 2007

It might not be too late to get yourself a little extra tax savings by contributing money to a traditional IRA. If you qualify for a deductible contribution in 2007, you can still do it, so long as the money is received into your IRA no later than April 15th. The regular maximum contribution is $4,000 per person, or $5,000 per person age 50 or older.

Note that you cannot make a contribution to a 401(k) now and count it toward 2007. But you might be able to make a contribution to a Roth IRA for 2007. For details on IRAs and contribution rules, see IRS Publication 590: Individual Retirement Arrangements.

Make sure the company receiving your IRA money knows that you're contributing it for 2007, otherwise you could find yourself in trouble a year from now.

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Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company
Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.
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