Some of your clients may not yet have made their contributions to traditional or Roth IRAs for 2004, but plan to make them before filing their 2004 income tax returns. Others may be planning to contribute the maximum amount possible to their IRAs for 2005 as soon as possible.
Accordingly, this article reviews the rules for determining the maximum contributions that may be made to either type of IRA for 2004 and 2005.
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