You can still contribute to an IRA for tax year 2012

You can still contribute to an IRA for tax year 2012 until April 15th or get a head start and contribute to a current year IRA.

 Maximum contributions allowed for both traditional and Roth IRAs is $5000 for individuals under 49 years old and $6000 if over 50 years old and you must have earned income in the year that a contribution is made.

 For Traditional IRAs 

             Contributions can no longer be made beginning in the year which you attain age 70 ½.

             There are no income restrictions for making contributions, but tax deductions may be reduced or eliminated. 

For Roth IRAs 

             There are no age restrictions.

             There are income restrictions for contributions.

If you have multiple IRA accounts held at various financial institutions or a 401k plan at a former employer, consider consolidating into one account and possibly save on annual custodial fees.

For more information, contact:

John C. Farley. AAMS

Newport Wealth Management

3047 East Main Road

Portsmouth, RI 02871

401-264-6080

Securities offered through LPL Financial. Member FINRA/SIPC