You must be under age 70 1/2 to contribute to a Traditional IRA and have at least as much earned compensation as the contribution. For self employed that is net compensation further reduced by the deductible part of the SE tax.
If over 59 1/2 there is no penalty for withdrawing but the withdrawal would be taxable in the year withdrawn so there might not be any overall tax advantage - just shifting the tax to the next year.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
