If you haven't contributed funds to an Individual Retirement Arrangement (IRA) for tax year 2007, or if you've put in less than the maximum...

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If you haven’t contributed funds to an Individual Retirement Arrangement (IRA) for tax year 2007, or if you’ve put in less than the maximum allowed, you still have time to do so.

You can contribute to either a traditional or Roth IRA until April 15, the due date for filing your tax return for 2007, not including extensions.

Be sure to tell the IRA trustee that the contribution is for 2007. Otherwise, the trustee may report the contribution as being for 2008 when they get your funds.

Generally, you can contribute up to $4,000 of your earnings for 2007 or up to $5,000 if you are 50 or older in 2007. You can fund a traditional IRA, a Roth IRA (if you qualify), or both, but your total contributions cannot be more than these amounts.

Traditional IRA: You may be able to take a tax deduction for the contributions to a traditional IRA, depending on your income and whether you — or your spouse, if filing jointly — are covered by an employer’s pension plan.

Roth IRA: You cannot deduct Roth IRA contributions, but the earnings on a Roth IRA may be tax-free if you meet the conditions for a qualified distribution.

You can file your tax return claiming a traditional IRA contribution before the contribution is actually made. However, the contribution must be made by the due date of your return, not including extensions.

For more information get IRS Publication 590, Individual Retirement Arrangements (IRAs), available on the IRS Web site at www.irs.gov or by calling 800-829-3676.

— Internal Revenue Service