New year. New contributions.
Contribution Limits for 2007
With the new year comes the start of a very, very busy season for taxes, IRAs and the Health Savings Account (HSA). For starters, here is some important information.
| 2007 Max Contribution | Catch-up Contribution | |
|---|---|---|
| Traditional IRA | $4,000 | Plus $1,000 for owners 50 yrs & older |
| Roth IRA | $4,000 | Plus $1,000 for owners 50 yrs & older |
| Coverdell ESA | $2,000 | none |
| SEP | $45,000 | none |
| HSA | $2,850 – self $5,650 – family (irrespective of deductible) |
Plus $800 for owners 50 yrs & older |
Contributions (Traditional, Roth, Coverdell ESA, & HSA) made between January 1st and the April tax deadline, for the previous tax year (2006), is frequently referred to as a “carryback contribution.” When this date occurs on a weekend or a legal holiday, the following business day becomes the deadline, so this year it is April 16, 2007.
156 Second Street, San Francisco, CA 94105
Copyright © 2007, Patelco Credit Union.
