If you have an IRA that you already contributed to or one that holds a rollover from a former employer, you may rollover the assets in that IRA to a new IRA with us. A payment from an employer s plan or IRA can be taken in two ways. Your payment will not be taxed in the current year and no income tax will be withheld. Your payment will be taxed in the current year unless you roll it over. You can roll over the payment by paying it to your IRA within 60 days of receiving the payment.
Eligibility depends on income.
See chart below. However, a portion or all of your contribution may not be deductible. For a spousal IRA, your spouse must set up a different Regular IRA, separate from yours, to which you contribute. You may make a contribution to a Regular IRA for your spouse, only if you file a joint tax return with your spouse for the tax year in which you make the contribution. Beginning in 1998, there is increased eligibility for deductible IRAs.