Max IRA investment per year?

[BaboonGuy]

Am I right that it is $2000 per year?

 

[Liviathan]

3000.

Was bumped a few years back.

 

[KK]

I thought it was around 4k, I dunno.

 

[nwfsnake]

3K last year, 4K this year, goes to 5K in '08.

 

[Orsorum]

It's the lesser of earned income or $3000 (if you're under 50) or $3500 (if you're 50 or older) for 2004, $4000 (49 and under) and $4,500 (50 and older) for 2005; this is all assuming your MAGI is less than $160,000 if you're MFJ, $110,000 if you're Single, HoH, or MFS (and didn't live with your spouse during the year), and $10,000 if you're MFS and DID live with your spouse during the year.

Link

 

[Liviathan]

Cool.

 

[GTaudiophile]

$3K for FY2004.

 

[TipsyMcStagger]

If im classified as a dependant can i put money into a roth ira?

 

[NutBucket]

Originally posted by: TipsyMcStagger
If im classified as a dependant can i put money into a roth ira?

Yep.

 

[FortFunFoSho]

When is the cut off day for '04?

 

[ttown]

Originally posted by: TipsyMcStagger
If im classified as a dependant can i put money into a roth ira?

Yes -- but same limitations that Orsorum quotes a few posts above here

 

[Orsorum]

Originally posted by: ttown

Originally posted by: TipsyMcStagger
If im classified as a dependant can i put money into a roth ira?

Yes -- but same limitations that Orsorum quotes a few posts above here

I didn't *just* quote it, I do know a little bit about tax shelters and tax law.

 

[NutBucket]

Originally posted by: FortFunFoSho
When is the cut off day for '04?

April 15.

 

[FortFunFoSho]

So I have till April 15 to max out my $3k!

 

[FortFunFoSho]

Any suggestions on investments? I was thinking going with a couple of ETFs for the standard indexes..

 

[Orsorum]

Originally posted by: FortFunFoSho
So I have till April 15 to max out my $3k!

Yep. Tax law isn't ALL evil.