Traditional IRA earnings are tax deferred until withdrawn.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.
If you are under the age of 70 1/2 for the entire year and have earned income (or your spouse has earned income) you can contribute to a Traditional IRA. 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.