IRA Individual Retirement Account. If you have earned income from working or a Net Profit from self employment you can contribute to a Traditional IRA or ROTH IRA.
IRA Contributions IRS Pub 590a.
https://www.irs.gov/pub/irs-pdf/p590a.pdf
A Traditional IRA contribution gives you a deduction now and it is taxed when you take it out. It is all taxed, including the earnings and growth.
ROTH contributions do not give you a deduction now. You pay tax on your total income now but when you take a ROTH Distribution it will come out tax free and the earnings will be tax free also.
