A rollover individual retirement account (IRA) isn't a specific type of IRA. Instead, it just refers to an IRA that you have rolled money into from another qualified retirement plan, such as a 401(k) or 403(b). The contribution deduction rules for your rollover IRA depend on whether it's a traditional IRA or a Roth IRA. If it's a Roth, you're out of luck because your contributions are never deductible — but you do get tax-free qualified distributions. With a traditional rollover IRA, you can make contributions as long as you're under 70 1/2 and have compensation during the year. The contributions are always deductible if both you and your spouse aren't covered by an employer retirement plan. If you are covered, you can still deduct the contributions if your modified adjusted gross income falls below the annual limits for your filing status.
