Traditional IRAs: The Rules Revisited
It has been almost a quarter century since the popular version of the Individual Retirement Account (IRA) was born. The Economic Recovery Tax Act of 1981 opened up eligibility of IRAs to anyone under age 70½ with earned income.
Since then, the concept of the tax-advantaged retirement account has become wildly popular, and a whole new generation of IRAs has been spawned.
Now, for example, there is the Roth IRA, the Education IRA, and the non-deductible IRA. The grandfather of them all is now referred to as the traditional IRA, to distinguish it from the offspring.
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