Traditional Individual Retirement Account
A special tax-deferred savings account: You are eligible for a regular contribution if you do not reach age 70 ½ in the calendar year for which you wish to make the contribution, and you have income earned from performing material personal services. You may also qualify for a rollover or a transfer contribution.
Roth IRA
A type of tax-preferred savings and investing account: You are eligible if you satisfy the following two requirements: (1) you must have earned income or compensation, and (2) you meet certain income limitations. Be aware that you are eligible to make contributions to a Roth IRA even though you are age 70 ½ or older.
Coverdell Education Savings Account
A type of tax-preferred savings and investment account to encourage taxpayers to save for future education expenses: You are eligible to contribute to one or more Coverdell Education Savings Accounts as long as your income is within certain limits depending upon your tax-filing status, and the designated beneficiary of each Coverdell Education Savings Account has not attained age 18.
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