How much ($) can you contribute to an IRA account if you are 50 yo and need to accelarate your contibutions?
If you have compensation (wages, tips, commissions, alimony) you may be able to contribute a maximum of $5,000 for 2007. You cannot contribute more than your compensation. Your contribution is fully deductible if you and your spouse do not participate in an employer provided retirement plan such as a 401k. If you or your spouse participate in a retirement plan, you deduction, but not your contribution, may be limited. If you are married, your spouse can contribute to an IRA regardless of the spouse’s income, as long as you have compensation at least equal to both IRA contributions.
