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December 17, 2015

Advance IRA contribution

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Advance IRA contribution

I received an unexpected bonus and I would like to put a portion of it in my IRA so as to help remove the temptation from spending it. However, I already contributed the maximum amount allowed for this year to my IRA. Can I make an IRA contribution for next year now?

No. A regular IRA contribution for a year must be made Between January 1 of the year, up to April 15 of the following year. Contributions before that period are not permitted.

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Catch-up Contribution

Definition An additional contribution that can be made to a retirement plan by a participant who is at least age-50 by the end of the

Salary Deferral Contribution

Definition A contribution made pursuant to a participant’s election to have a portion of his/her salary/wages  contributed to his/ her employer sponsored plan  rather than

Key Employee

Definition An employee who, at any time during the plan year, is (i) an officer of the employer having an annual compensation greater than $180,000,

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