Traditional IRA earnings are tax deferred until withdrawn. Certain contributions are tax deductible in the year they are made. For more information, consult your tax adviser or visit www.irs.gov/retirement.
Individuals who have compensation (generally earned income) can make traditional IRA regular contributions for 2020 and subsequent tax years regardless of age. You are eligible even if you already participate in any type of government retirement plan, tax sheltered annuity, simplified employee pension plan (SEP), saving incentive match plan for employees of small employers (SIMPLE) or qualified plan (Pension or Profit Sharing) established by an employer.