Max out your IRA or 401k Contributions (Year-End Tax Moves)

For 2005, the maximum contributions for traditional and Roth IRAs are $4,000. For 401(k) plans, the maximum is $14,000. Both allow special catch-up contributions for people age 50 and older. For 401(k) plans, the catch-up is an additional $4,000 (for a maximum of $18,000). For IRAs, the catch-up contribution is $500 (for a maximum of $4,500).

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