You may be able to contribute up to $4,000 a year ($5,000.00 if you are over age 50) for the tax year 2007, as long as that money is considered earned income. The contribution limit is increased to $5,000.00 a year ($6,000.00 if you are over age 50) for the tax year 2008. You should consult your tax advisor for any potential tax implications before establishing or making contributions to an IRA.
Traditional IRAs: Anyone with earned income can contribute. However, you can not contribute to your Traditional IRA for the tax year in which you reach age 70 1/2 or for any year thereafter. You should consult your advisor prior to establishing or contributing to a traditional IRA account.
Roth IRAs: For the tax year 2007, anyone with modified adjusted gross income below $114K (single taxpayer) or $166K (married, filing jointly) can contribute. You should consult your advisor prior to establishing or contributing to a Roth IRA account.
Additional contributions to IRA CDs are only permitted at the CD's maturity date or during the grace period. You can make additional deposits to your MetLife Bank IRA Money Market Accounts at any time. Please contact the Bank for the necessary paperwork.