- You can establish and make contributions to an IRA if you received taxable
compensation during the year and have not yet reached the age of 70 1/2
by the end of the year.
- Contributions may be made up to the lesser of 100% of compensation or
$4,000 in 2006/7 ($5,000 for individuals over age 50 in 2006/7)
- If you maintain multiple IRA accounts, the maximum contribution to all
of the accounts cannot exceed $4,000 for 2006/7. ($5,000 for individuals
over age 50).
- An IRA for any year may be opened and funded at anytime before the due
date for filing your tax return, not including any extensions.
- Contributions must be in the form of money (check or money order).
NOTE: As a discount broker, Trading Direct does not provide
advice as to security selection. Taking into consideration the factors of
time horizon, investment objectives, and risk tolerance, it is up to the
individual to select his/her own investments, which he/she believes will
generate sufficient returns.
DISCLOSURE: THE ABOVE INFORMATION PRESENTS GENERAL INFORMATION
ONLY, IS THOUGHT TO BE ACCURATE AS OF JANUARY 2005, AND IS SUBJECT TO CHANGE
BASED UPON EVER CHANGING US TAX LAWS. TO MAKE CERTAIN THAT OPENING A PARTICULAR
ACCOUNT WILL SUIT YOUR NEEDS, BE SURE TO CONSULT A QUALIFIED TAX RESOURCE.