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I am planning on opening an IRA account and have the following questions.

1. Can I make contributions to an IRA at any time of the year I want? For example, suppose I want to contribute $2000 towards an IRA, instead of making monthly contributions, can I contribute in December and have the money work for me till then and then take the tax advantage.

2. This question is unrelated to my previous question. I don't think I qualify for the tax deduction provided by regular IRA. So, I think it is obvious to open a Roth IRA. Is that correct?

3. What is the maximum limit for a Roth IRA?

4. How does an IRA account work? Does it work like ay brokerage account, except I cannot withdraw?

5. What are the fees involved in an IRA account? My brokerage company has a no-fee IRA. Are there any catches? How about the transactions - buy or sell? Do they get deducted from the account.

Thanks for your reply. Oh, I got to admit that I started thinking about the IRA because of Foolish four, which makes lot of sense.
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