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Be sure to check out the hobbyist sections of our site. We're in the process of rolling out sections on photography and everyday gadgets. We don't focus on the cutting edge, new technologies -- we're focusing on how to use new technologies in everyday life.
Gadgets
every day uses for new and old technologies.
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Investing in an IRA
As a result of the new tax law and guidance issued by the IRS, there have been some changes to the Traditional IRA. The changes all became effective on January 1, 2002. Below are 2 tables containing the changes for the increased contribution allowances under the rule change as well as the IRA Deductability limitations under these rule changes.
New Contribution Limits
| Year | Maximum IRA Contribution (under 50) | Maximum IRA Contribution (50 & older) |
| 2002 | $3,000 | $3,500 |
| 2003 | $3,000 | $3,500 |
| 2004 | $3,000 | $3,500 |
| 2005 | $4,000 | $4,500 |
| 2006 | $4,000 | $5,000 |
| 2007 | $4,000 | $5,000 |
| 2008 | $5,000* | $6,000 |
(*) After 2008, the contributions will be periodically indexed to inflation.
Traditional IRA Deduction Limits
| Filing Status | 2002 Traditional MAGI | 2002 Maximum IRA Deduction (2002)
Under 50 | 2002 Maximum IRA Deduction (2002)
50 & over |
| Single | $34,000 or Less | $3,000 | $3,500 |
| $34,001-$43.999 | Proportionate Reduction of $3,000 | Proportionate Reduction of $3,500 |
| $44,000 or More | No Deduction | No Deduction |
| Married, Jointly Filing | $54,000 or less | $3,000 | $3,500 |
| $54,001-$63,999 | Proportionate Reduction of $3,000 | Proportionate Reduction of $3,500 |
| $64,000 or More | No Deduction | No Deduction |
| Married, Separate | Less than $10,000 | Proportionate Reduction of $3,000 | Proportionate Reduction of $3,500 |
| $10,000 or More | No Deduction | No Deduction |
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If you're looking for information on the the FinPlan Divorce Planner (from the other FinPlan company), please continue on to http://www.divorceplanner.com.
Note - FinPlan.com does not offer any information regarding this program nor does it have any relationship with the company offering the software. This link is provided as a service only.
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FinPlan.com offers several online tools and calculators as well as some software programs from FinPlan, Inc. FinPlan started developing software in the 1980s developing 10 programs covering several personal finance topics.
Family Retirement Planner
The FinPlan Family Retirement Planner provides an excellent high-level retirement planning model to help you determine your retirement planning needs which will allow you to develop a strategy to get there.
Financial Toolkit
The FinPlan Financial Toolkit provides a variety of financial tools designed to help you answer many questions on personal finance.
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