You can make an IRA contribution for 2009 until the due date of the return. You must have earned income (wages or self-employment). There are income limitations on a Roth IRA contribution, but not on Traditional (regular) IRA.
Roth IRA contribution is nondeductible, so would not reduce your taxable income. Traditional IRA contribution may be nondeductible, depending on income and coverage by employer plan.
You can set an IRA account up with your broker. Any gains in that account are tax-free (Roth IRA), or tax is deferred until funds are taken out.
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