Now that 2010 is actually upon us, it’s important to remember that we are currently in the “sweet spot” for most IRA contributions.

If you haven’t already made your 2009 contribution, you have until at least April 15, 2010 (later for some plans) to submit your deposit for last year.

“So, what’s the big deal,” you ask?

This means that from now until April 15, 2010 you are allowed to make what is essentially a double contribution to your IRA. If you are looking for a way to jump-start your self-directed IRA with a large infusion of capital, now is the perfect time.

A Traditional or Roth IRA currently carries a limit of $5,000 ($6,000 if you are over age 50) in contributions per year. But for these few months, an individual who has not made a contribution for 2009 can make a $10,000 (if you are over age 50) contribution to a Traditional or Roth IRA.

And this doesn’t apply to just the Traditional or Roth IRAs. The same deadline applies to the Health Savings Account (HSA) and Coverdell Education Savings Account (CESA). Small business plans such as the SEP IRA, SIMPLE IRA and 401(k) have limits that can extend as far as October 2010.

By combining a few of these different plans, a family could easily contribute over $100,000 to their self-directed IRA accounts in a very short period.

You can find out how much you are eligible to contribute by contacting one of our Retirement Plan Specialists at 1-888-382-4727 x403

Related posts:

1. IRA Deductions Times Two: A Great Reason to Love the First Quarter of Every Year.
2. IRS Announces 2010 Contribution and Income Limits
3. Back to School with Equity University, Part II: Maximizing your Tax Deductions and Contributions

Filed under: CESA, HSA, IRA Consultation, IRA Contributions, IRA Education, Managing Your IRA, Roth 401(k), Roth IRA, SEP, SIMPLE, Saving for Retirement, Small business plans, Taxes and April 15th, Traditional IRA, self directed IRA on January 4th, 2010