Here are some guidelines to keep in mind for your IRA contributions:
- You must make contributions for 2011 by April 17, 2012.
- For 2011, the most you can contribute to your traditional IRA is generally the smaller of the following amounts: $5,000 for most taxpayers, $6,000 for taxpayers who were 50 or older at the end of 2011 or the amount of your taxable compensation for the year.
- To contribute to an IRA, you or your spouse (if you file a joint tax return) must have taxable compensation. Examples of taxable compensation include: wages, salaries, commissions, tips, bonuses, or net income from self-employment.
- To contribute to a Traditional IRA, you must be under age 70 1/2 at the end of the tax year.
This is a great opportunity to save last minute tax deductions. TaxSlayer.com’s Deduction Guide will make entering your contributions easy and guide you step-by-step. Try it today and then relax knowing that you have completed your tax return!