In 2008 you can contribute $5000 to a Roth IRA if you are Under 50 (49 or younger). If you are 50 or over you can contribute $6000. Of course you have to check your eligibility to contribute to a Roth IRA.
Remember you can contribute as late as April 15th, 2009 and still have the contribution count as a 2008 contribution.
The Roth IRA benefit is phases out as your income increases.
| Eligible | Partly Eligible | Not Eligible | |
| Single | Up To $101,000 | $101,000-$115,999 | $116,000 and up |
| Married Filing Jointly | Up to $159,000 | $159,000-$169,000 | $169,000 and up |
| Married Filing Separately* | $0 | $0-$10,000 | $10,000 and up |
*Couples living together but filing separately are severally penalized.
Source: http://en.wikipedia.org/wiki/Roth_IRA
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