April 15: Not just tax day

Personal finance

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 .

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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