A traditional IRA is a way to save for retirement that gives you tax advantages.
- Contributions you make to a traditional IRA may be fully or partially deductible, depending on your filing status and income, and
- Generally, amounts in your traditional IRA (including earnings and gains) are not taxed until you take a distribution (withdrawal) from your IRA.
Publication 590-A and Publication 590-B explain the details of IRAs including:
- Setting up an IRA
- Contributing to an IRA
- Transferring money or property to and from an IRA
- Handling an inherited IRA
- Receiving distributions (making withdrawals) from an IRA
- Taking a credit for contributions to an IRA
- A comparison of traditional and Roth IRAs
