Are there any limitations on who can have an ira?

If lower, your taxable compensation for the year. There are no income limits for traditional IRAS1, but there are income limits for tax-deductible contributions. It depends on what type of IRA it is. Just about anyone can contribute to a traditional IRA, as long as you (or your spouse) receive taxable income and are under 70 and a half years old.

However, your contributions are tax-deductible only if you meet certain requirements. For more information on those qualifications, see Who can contribute to a traditional IRA? Your total contributions to your IRA and your spouse's IRA cannot exceed your combined taxable income or the annual IRA contribution limit multiplied by two, whichever is less.