A. A traditional IRA is a joint retirement account and a ROTH IRA is an individual retirement account.

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But he now had extra income from moonlighting and wondered whether he should use it to fund a tax-deductible SEP-IRA (a special individual retirement account for the self-employed), or should pour his extra savings into the 529s.

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First, anybody can have a traditional Individual Retirement Account, or IRA, regardless of income or whether you have another type of retirement plan.

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