Traditional IRAs have a lot of rulesâbreak one and Uncle Sam will ding you. Follow those rules, however, and you can end up with a sizable nest egg down the road. To make the most of a traditional IRA, here are ten things you must know.
Basically by all measures, a non-deductible IRA is simply the same exact thing as a Traditional IRA. It carries all the same rules, contribution limits, and properties as a regular IRA with one small exception: You may NOT deduct your IRA contributions from your Federal Income taxes.