A friendly reminder that April 15th isn’t just tax day but also the deadline for making contributions the 2008 year into traditional IRAs, Roth IRAs, and Coverdell Educational Savings Accounts.
The contribution limit for both the 2008 and 2009 year for IRAs is $5K for those below the age of 50 and $6K for those 50 and above. For Coverdells, you can contribute up to $2K per beneficiary. Since Coverdell contributions must stop after the beneficiary turns 18, missing a year can make a big difference. For more on Coverdells, check out this comprehensive Fairmark article, which pretty much covers all the basics.
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