If you have an existing traditional IRA or Roth IRA it's not too late to make your 2007 contribution. And if you've been putting off opening an account, you still have time to get one up and running! The contribution limit for 2007 is $4,000 (or $5,000 if you're over 50), but that doesn't mean you have to meet the maximum. Every little bit counts! Make sure that you tell the company that holds your IRA to consider the contribution for 2007. Otherwise, they may mistakenly classify it for 2008. You have until April 15 to make the previous year (2007) contribution. The same rules don't apply for your 401(k) — any money that goes into that account in 2008 can only count as part of your current year contribution.
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