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People age 50 or over can contribute up to $5,000.

People age 50 or over can contribute up to $5,000.

Contributions are fully deductible if you were not covered by an employer's retirement plan.

In the case of a married couple, contributions are fully deductible if neither person is covered by an employer's retirement plan.

If you as a single filer, or in the case of a married couple, you or your spouse, are covered by an employer's retirement plan, your deduction begins to decrease when your income rises above a certain amount. If your income is above a certain threshold you are not eligible for a deduction. *

Earnings can be withdrawn after five years for qualified events.

Contributions are not tax deductible and your eligibility to contribute the maximum is limited by income. *

For married joint filers, the contributions to a traditional IRA are fully deductible with a combined income of $83,000 or less. Deductibility phases out with an income between $83,000 and $103,000.

Further, in the case of married couple where one spouse is covered by an employer's retirement plan and the other is not, contributions are fully deductible with a combined income of $156,000 or less. Deductibility is phased out with income between $156,000 and $166,000.

Married joint filers are eligible for the maximum contribution with an income of $156,000 or less. Eligibility to contribute to a Roth phases out with a combined income of $156,000 and $166,000.