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Comparing the Traditional IRA Benefits to the Roth IRA
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Questions to Ask Before You Open an Investment Account

 

 		 

  • The following information is based on IRS Publication 590 for the use in preparing your 2007 returns. See Important Changes for 2005.

  • To set up an IRA, you (or, if you file a joint return, your spouse) must have taxable compensation.

  • A spouse with no compensation filing a joint return may be able to contribute up to $4,000 (2007) in his or her own IRA.  This means that the total combined contributions that can be made on behalf of a married couple can be as much as $8,000 (2007)  for the year.

  • The maximum deduction for a Traditional IRA is  $4,000 (2007) if you are under the age of 50 and  $5,000 (2007) if you are over the age of 50 or 100% of your income, whichever is less.  

  • If you make contributions to a Traditional and Roth IRA in the same year, the aggregate contribution per individual cannot exceed $4,000 (2007) or  $5,000 (2007) if you are over the age of 50.

  • Catch up provision.  If you are age 50 or older in the tax year you are filing, you can contribute another $1,000 (2007) into either a Traditional or Roth IRA.

  • Your child may be able to start a Traditional or Roth IRA.

  • Request IRS Publication 590 (Publ 590) for tax year 2007 by phone or by mail

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