Would someone please explain to me how much is the maximum contribution one can make to an IRA this year (defined as January 1,2001-April 15,2002). Is it $2000? or $3000?I'm confused because I don't understand what 2002 means. Does that mean the 2002 calendar year? Or does it mean the year in which we file our taxes for 2001?Thank you.
IRA and Roth IRA contributions are tied to a specific tax year.For tax year 2001, you may contribute up to $2,000 to your IRA, and you may do so any time from January 1, 2001 through April 15, 2002.For tax year 2002, you may contribute up to $3,000 to your IRA, and you may do so any time from January 2002 through April 15, 2003.
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