Non-working spouses are still eligible to contribute into an IRA account under certain circumstances. If the working spouse has earned enough income to cover the non-working spouse’s contribution and the couple is filing a joint income tax return, the non-working spouse can contribute up to $5,000 in 2009 if they are under the age of 50, and $6,000 if they are 50 or older.

Eligible individuals can make annual contributions into an IRA account, some of which may be treated on a pre-tax basis and therefore tax-deductible on the individual’s annual tax returns. The funds within the IRA grow on a tax deferred basis. Funds withdrawn from the IRA after the age of 59 ½ are fully taxable, including any and all taxable gains. At the age of 70 ½, funds within an IRA account are subject to the required minimum distribution requirements (RMDs) as set out by the IRS.

The amount required to open an IRA account is established by each individual financial institution, often referred to as the opening account requirement. Some financial institutions will allow individual investors to open an account with an ongoing bank authorization amount ($100-200 per month), while others require an initial opening account deposit, often $1,000-2,000.

A Simple IRA is a qualified retirement plan that can be established by employers, including those who are self-employed. Eligible employees can contribute a portion of their pre-tax income into a Simple IRA account. These funds grow tax-deferred until their distribution. Employers are required to make contributions into these accounts on behalf of their qualified employees; elective (matching percentage) or non-elective contributions (made even if the employee does not participate in the retirement plan).

The amount that an individual investor may contribute into their SEP IRA plan varies by the given tax year which the contributions are made. For 2009, qualified individuals may contribute up to 25% of their compensation, capped at a maximum consideration of $245,000 per annum; otherwise, $49,000 for the 2009 tax year.

A rollover IRA account is created when funds from a qualified plan such as a 401k are converted. This typically occurs either when the account holder changes jobs or employers, or when the individual is retiring. Funds can be rolled over into an IRA account without paying a penalty or income taxes as long as the funds directly transfer from one custodian to another.

An IRA, or individual retirement account, is an investment account designed to assist individuals in saving for their financial future. An IRA can be established by individual tax payers, where they can contribute up to the maximum allotted amount on an annual basis. Contributions to an IRA may be tax deductible, depending upon the individual tax bracket of the account owner. When contributions are withdrawn after age 59 1/2, the funds are taxed as ordinary income, including any applicable capital gains.

The amount that you can contribute into an IRA annually varies by age and by year. For example, in 2009, qualified individuals under the age of 50 may contribute up to $5,000 during the given tax year, while individuals above the age of 50 can utilize the catch up provision and save up to $6,000. Contribution amounts adjust annually, so it is important to review the requirements for the current tax year before making contributions.

There are very specific rules regarding distributions of SIMPLE IRA funds. 

According to IRS guidelines, the rules revolve around payments or distributions received from a SIMPLE IRA during the 2-year period beginning on the date on which the individual first participated in any SIMPLE IRA plan maintained by the individual's employer (the "2-year period"). The 2-year period begins on the first day on which contributions made by the individual's employer are deposited in the individual's SIMPLE IRA.