Tax on your traditional IRA is generally deferred until you take a distribution.

You can open a traditional IRA at any time.

Your traditional IRA can be an individual retirement account or annuity.

For 2011, the most that can be contributed to your traditional IRA generally is the smaller of the following amounts.

You do not have to contribute to your traditional IRA for every tax year, even if you can.

You may be able to claim a credit for contributions to your traditional IRA.

You made contributions to a traditional IRA for 2011.

You may be able to roll over, tax free, a distribution from your traditional IRA into a qualified plan.

The following are examples of prohibited transactions with a traditional IRA.

A 1031 exchange is similar to a traditional IRA or 401(k) retirement plan.