How much can be contributed to an IRA account beginning January 1, 2005?
Providing the qualification requirements are met, the maximum annual contribution to a Traditional and Roth IRA accounts is $4,000 per year individual plus catchup contributions for age 50 and older of $500, and the maximum contributions to a Savings account is $2,000 per year per child, up to age 18. Note: Contribution to a Coverdell Education does not reduce the amount that can be contributed to a Traditional or Roth IRA, and is not tax deductible.
