Please be aware, if you (or your spouse) have a retirement account at work and your income exceeds certain levels then your deduction of a traditional IRA contribution may be limited. Please see IRA deduction limits for details.
Please make sure you keep Form 8606 that reports the basis for your records since this will be important when you receive distributions from your traditional IRA. If you have a basis (nondeductible contributions) then each distribution will have an amount allocated to this basis and this amount will be tax free.
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