Eligibility is not influenced by whether you are covered by a retirement plan at work. Income is a factor in determining eligibility. Whether this is an advantage versus a Roth IRA depends on a number of factors. Income is a factor in determining eligibility. Whether this is an advantage versus a traditional IRA depends on a number of factors.
Contribution is deductible from current income thus reducing current income taxes.
Contribution is not deductible from current income thus it does not reduce current income taxes. Earnings on investments are not subject to current income taxes. Earnings on investments are not subject to current income taxes. Qualified withdrawals are subject to income taxes. Qualified withdrawals are not subject to income taxes.