Traditional IRA You can contribute if you (or your spouse if you file a joint return) have taxable compensation. If you (or your spouse) earn taxable income and are under 70 and a half years old, you can contribute. You can contribute to a traditional IRA and a Roth IRA in the same year. If you qualify for both types, make sure that the amount of your combined contribution does not exceed the annual limit.
While the traditional IRA shares many features with its newer sister, the Roth IRA offers tax incentives to save for retirement and, under certain circumstances, each of them is governed by a different set of rules. Initial tax relief is one of the main things that differentiate the rules of traditional IRAs from Roth IRAs, in which taxes are not allowed to be deducted for contributions.
