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in Small Business Tax

In our July issue, an error crept in regarding IRA limits in the article, “Sidestep tax trap on future IRA conversions.” The normal contribution limit for all IRAs for 2007 is $4,000; $5,000 if you’re age 50 or older. We incorrectly stated the limits as $5,000; $6,000 if age 50 or older. The higher limits apply to 2008 rather than 2007.

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