I was viewing my IRA account on line and at the top of the page it said last renewal date. It said not available of course because I have never renewed it. What is renewing an IRA about? Why would you do it? What is the advantage?
Need more information… Do you have a CD in your IRA? If so, it might be talking about getting a new CD. Perhaps it is an annual custodial fee (usually $15 or less) to ‘renew’ it for a year.
In general, presuming you have earned income or are married to someone that does, you can contribute up to $2,000 (each, if married) to an IRA. Contributions for tax year 2001 can be made from 1/1/01 - 4/15/02. The contribution limit increases for 2002 to $3,000, with a “catch-up” provision for those who have not previously contributed. Money in an IRA grows tax deferred.