Can anyone contribute to a traditional ira?

You can contribute to a traditional IRA and a Roth IRA in the same year, and you can even convert your 401k to a Gold IRA if you wish. Make sure that the amount of your combined contribution does not exceed the annual limit when you Convert 401k to Gold IRA. While the traditional IRA shares many features with its newer sister, the Roth IRA offers tax incentives to save for retirement and, under certain circumstances, each of them is governed by a different set of rules. Initial tax relief is one of the main things that differentiate the rules of traditional IRAs from Roth IRAs, in which taxes are not allowed to be deducted for contributions.