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Tax Tip of the Week
For the week of
February 11, 2002

Put more dollars into your IRA

The amount you can contribute each year to an IRA has gone up. And it will continue to go up for some years to come.

Capitalize on higher limits. For the years 2002, 2003, and 2004, you can contribute up to $3,000 each year. For 2005, 2006, and 2007, the limit will be $4,000 and for 2008, $5000. After 2008, contribution limits will be indexed for inflation.

Make catch-up contributions. If you are fifty or older, you can make what is referred to as a "catch-up contribution" in addition to the regular contribution limit. The catch-up amount is $500 for years 2002 through 2005. It is $1,000 for years 2006 through 2010. So if you are at least 50, you can contribute a total of $3,500 for 2002.

Contribute for a nonworking spouse. These higher limits also apply to the amount you can contribute to a spousal IRA for your nonworking spouse.

If you have questions about your tax and financial matters, please give us a call.


Prior Tax TipsClick here to view previous tax tips.

"Tax Tips" are published weekly to provide useful tax information. Return to this site every week for helpful tax-cutting suggestions, tax reminders, and current tax information.

The information contained in this site is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance.

If you would like more information on anything in "Tax Tips," or if you'd like to be on our mailing list to receive other tax-cutting information from time to time, please contact our office. We're here to help.

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