Wednesday, February 27, 2008

Fair warning

Contribute as much as you can (up to $4000 as long as you earned that much) to your Roth IRA before you file your income taxes this year. The sooner the better....you don't want to make me angry. There are few free things in life, but the tax break from Roth IRAs is one of them....

Addendum: When I first wrote this I said $5000. That is for your tax year contribution in 2008. I always contribute for tax year 2008 on January 1, 2008. Since you're allowed to wait until you file income taxes in 2008 to contribute for 2007, most people are still contributing for 2007, when the limit was $4000. If you can though, I'd do 2007 and 2008 ASAP.

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