Recovery contributions to an IRA are due before the due date of your tax return (not including extensions). Recovery contributions are intended to help investors aged 50 and over make up for investment opportunities lost during their working years. IRAs, employer-sponsored plans, SIMPLE IRAs, SIMPLE 401 (k) plans, and even health savings accounts (HSAs) * offer up-to-date contributions and you can make up-to-date contributions to several retirement plans. In general, if you don't earn income from work, you usually can't contribute to a traditional or Roth IRA.
However, if you have the funds available, you can use an IRA to buy physical gold as an investment. There may be situations in which people who file a joint return with their spouse can make contributions based on the combined taxable income reported on their return.