| Dont forget to make an IRA contribution for 2006
Most Taxpayers would be able to make an IRA contribution for 2006. This year the maximum contribution for working and non-working spouse for taxpayer aged below 49 or below is $4,000.
For taxpayer aged over 49, the maximum IRA contribution for 2006 is $5,000. The net tax savings is calculated as the amount of IRA contribution multiplied by taxpayers marginal tax rate.
Also, taxpayers who have a non-working spouse can also make a non-working spousal IRA contribution.
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