A Traditional IRA is a personal savings plan that gives you tax advantages for saving for retirement. Contributions to a Traditional IRA may be tax deductible–either in whole or in part. Also, the earnings on the amounts in your IRA are not taxed until they are distributed. The portion of the contribution that was tax deductible also does not get taxed until distributed.
You can set up and make contributions to a Traditional IRA if:
You (or, if you file a joint return, your spouse) received taxable compensation during the year,
You were not age 70½ by the end of the year
You can have a Traditional IRA whether or not you are covered by any other retirement plan. However, you may not be able to deduct all of your contributions if you or your spouse is covered by an employer retirement plan. There is no income eligibility limit to contribute.
You may download account forms or request an account kit by calling 1-888-793-5333.