Actually, between now (January 1, 2004) and the tax deadline, excluding extensions (April 15, 2004, for most filers), one could potentially open a Roth IRA account and make an initial deposit of $7,000:Between January 1, 2003 and April 15, 2004, if one qualifies for Tax Year 2003, one can make one or more contributions totalling no more than $3,000 for one's 2003 Roth IRA contribution. If one is 50 or older, more specifically was at least 50 years old on December 31, 2003, the limit is $3,500.Between January 1, 2004 and April 15, 2005, if one qualifies for Tax Year 2004, one can make one or more contributions totalling no more than $3,000 for one's 2004 Roth IRA contribution. If one will be 50 or older, more specifically was at least 50 years old on December 31, 2004, the limit is $3,500.So, between January 1, 2004 and April 15, 2004, it is possible for one to contribute a total of $6,000, $6,500, or $7,000, depending on age, to a Roth IRA, as long as one meets the other requirements (taxable compensation, Modified AGI limits, tax filing status).One should be careful to show how much is for each year's contributions on the paperwork and on the check(s), especially when making contributions for the prior tax year's contributions.
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