RONALD MARK SEMARIA,  CFE, DABFE, FACFEI,CSC, CHS-III
 CERTIFIED FRAUD EXAMINER & FORENSIC ACCOUNTANT
 DIPLOMATE & FELLOW AMERICAN BOARD OF FORENSIC EXAMINERS
 FRAUD, TAX, MANAGEMENT & INVESTIGATIVE ACCOUNTANT
 FORMER INTERNAL REVENUE AGENT
 SPECIALIZING IN EMPLOYEE THEFT & EMBEZZLEMENT

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2007 GUIDELINES FOR ROTH IRA CONTRIBUTIONS

• Income Limits To contribute to a Roth IRA, you must have taxable compensation (e.g., wages, salary, tips, professional fees, bonuses). These limits vary depending on your filing status.
• Age There is no age limitation for Roth IRA contributions.
• Contribution Limits In general, if your only IRA is a Roth IRA, the maximum  2007 contribution limit is the lesser of your taxable compensation or $4,000 ($5,000 if age 50 or older). The maximum contribution limit phases out depending on your modified adjusted gross income.
• Spousal Roth IRA You can make contributions to a Roth IRA for your spouse provided you meet the income requirements.

Time Contributions to a Roth IRA can be made at any time during the year or by the due date of your return for that year (not including extensions).

Roth IRA contributions are not tax deductible and are not reported on your tax return. On the other hand, you do not have to pay tax on any qualified distributions, distributions that are a return of your regular Roth IRA contributions, or distributions that are rolled over into another Roth IRA. 

The following articles are for informational purposes only, and your should always consult with your tax advisor to determine the tax implications for your particular financial situation.

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