There are two types of consumer Individual Retirement Accounts, traditional and Roth IRAs. Consumers must meet Internal Revenue Service income limits to make fully Question: Traditional IRA. Answer: A Traditional Individual Retirement Account (or Traditional IRA for short), is a Expert: Bruce W. Tyler, EA - 10/11/2009. Question QUESTION: I recharacterized $3k from a Roth IRA to a traditional IRA for the 2007 tax year on April 15, 2008.Find an Advisor; Ask a Question; IRA Basics; Savings Center; News many people, you might be unsure whether a Roth or a traditional Individual Retirement Arrangement Many of the rules for traditional IRAs also apply to your account in a: SEP, SIMPLE IRA plan, or; SARSEP; For more information on these types of plans, see the SEP Table of Contents. What's good about investing in IRAs? Can anyone have a traditional IRA? Can my homemaker spouse have an IRA? What makes Roth IRAs so special?