You may deposit up to $5,000 ($6,000 if you are over 50) of your earned income each year in a high-yielding IRA to provide for your retirement. Your IRA savings may be eligible for tax deferral, depending upon whether you are eligible to participate in another retirement plan. If you do, your income will determine how much, if any, of your IRA deposits qualify for deferral. Your IRA earnings are automatically tax-deferred without qualifications. You may deposit in person, by payroll deduction or by transfer from another account or financial institution. IRA deposits may be made through April 15 for the previous year’s contribution. Dividends are calculated on your average daily balance and are compounded and paid quarterly. |