New York, NY, March 11, 2009 --(PR.com
)-- Income tax returns are due shortly, but many investors may still have a chance to take one more deduction.
Americans have until filing day—April 15, 2009—to contribute to their Traditional IRAs and potentially claim a deduction on their 2008 tax returns. The contribution limit for tax year 2008 is $5,000—and investors age 50 or older are also eligible to make an additional “catch-up” contribution of $1,000.
Some IRA investors will be able to take a tax deduction this year—and all have the potential to gain from the tax-deferred growth of their IRA investments. For these reasons, contributing as much as you can to an IRA is always a good idea.
"Statistics show that the average IRA balance is extremely low, yet an increasing number of people will have to fund their own retirements," said Robert M. Flanagan, President of First Investors Corporation. "That’s why First Investors and its representatives are encouraging clients to contribute to their IRAs this tax year, and beyond."
First Investors Financial Services Representatives do not offer tax or legal advice. Please consult your personal tax and legal advisers before making tax-related investment decisions.
First Investors has been serving the financial needs of its clients since 1930. Through the personalized service of financial services representatives located in a national network of offices, the Company offers a range of products and services, including mutual funds, annuities and life insurance.
First Investors Corporation
First Investors Life Insurance Company
110 Wall Street
New York, NY 10005
www.firstinvestors.comFirst Investors Jobs
Press Contact: Nancy Ferraro (212) 858-8000