Income Tax Help

This Blog was set up to provide useful information to help taxpayers complete their Income Tax Returns. I also hope to provide some simple advice to help taxpayers to achieve their financial objectives.

Wednesday, November 23, 2005

Individual Retirement Plans (IRA’s)

The Contribution limits for Roth IRA’s and Traditional IRA’s have increased for 2005. The regular contribution limit for both types of IRA’s increased to $4,000 from $3,000 for 2004. The catch-up contribution remains $500 for individuals age 50 and over.

posted by Patrick @ 10:31 PM