$5,000 into a REGULAR IRA is the max for a single individual UNDER age 50 who does not participate in an employer sponsored retirement plan and still receive a tax deduction. Add $1,000 if over age 50.
Can contribute till April 15th, 2010 for 2009. Note: There is NO tax deduction for contributing to a ROTH IRA. The benefit of the ROTH is the earnings are not taxed during the growth phase of the investment (same as any retirement account) BUT the gains when taken out in retirement are NOT taxed.
The amount you or your spouse can contribute may be reduced depending on your Adjusted Gross Income. Contact us if you need more details at www.USATaxHelp.com