They can sock away an extra $1,000 each tax year. If you've already made your 2007 contributions and are planning your 2008 taxes, you can put in a bit more this tax year. The general IRA deduction limit goes to $5,000; the additonal $1,000 for 50-or-older filers still applies.hey can sock away an extra $1,000 each tax year. If you've already made your 2007 contributions and are planning your 2008 taxes, you can put in a bit more this tax year. The general IRA deduction limit goes to $5,000; the additonal $1,000 for 50-or-older filers still applies.