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Can I Contribute to an IRA?

March 30th, 2022 • Blog

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Annie Livorsi

Are you looking to maximize your refund or lower your tax liability? Often people don’t know where to start when it comes to an IRA and contributions.

Here are some answers to frequently ask questions about IRAs:

Question:
Can I still make a 2021 contribution to my IRA?
A: Yes, the deadline to contribute for 2021 is April 18th, 2022.

Question:
How much can I contribute to my Traditional IRA?
A: For 2021, the maximum contribution to an IRA is $6,000 for those under the age of 50 and $7,000 for those 50 and older. Please consult with your Melanson CPA to consider income limitations and other considerations.

Question:
How much can I contribute to my Roth IRA?
A: For 2021, the maximum contribution to an IRA is $6,000 for those under the age of 50 and $7,000 for those 50 and older.

Question:
If I do not have an IRA opened by 12/31/2021, can I still open one and make a 2021 contribution?
A: Yes, when you open and contribute to an IRA you can indicate what year the contribution is for. You will need to open an account and contribute before April 18th to get a 2021 tax deduction.

Question:
Can my child contribute to an IRA?
A: If your child has earned income, they are able to contribute to an IRA.

 

Have other questions about your IRA? Reach out to our team and we will be happy to help.

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