If you haven't done so, you can still contribute to a traditional IRA for 2008 until April 15, 2009. The maximum amount is $5000 for everyone under 50 and $6000 for people 50 and over to allow them to catch-up.
Tax-deductibility of traditional IRA's are dependent on your total individual or joint income, and/or if you or your spouse is an active participant in your employer's retirement plan (or 401k).
If you cannot deduct your traditional IRA contributions because you made too much money, consider contributing to a Roth IRA. Just remember, you can put money in both traditional and Roth IRA's but the total has to be either $5000 or $6000.
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