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Should I get t an IRA for $5500 before April to decrease my taxes owed. How does this work? and what type of IRA should I get?

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Best answer by MichaelL1

A traditional IRA is deductible on your return, however when you take the money (when retired) out iit s taxable to you.

A Roth is not deductible but grows tax deferred but when you reach 59 1/2 later is not taxed.

Both are very good, both grow tax deferred.

I would enter a deduction in TurboTax for a Traditional IRA and see the tax impact, as this will help you decide.

Employee

A traditional IRA is deductible on your return, however when you take the money (when retired) out iit s taxable to you.

A Roth is not deductible but grows tax deferred but when you reach 59 1/2 later is not taxed.

Both are very good, both grow tax deferred.

I would enter a deduction in TurboTax for a Traditional IRA and see the tax impact, as this will help you decide.

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