Traditional IRA and Roth IRA both have different possible tax implications.
For a traditional IRA it can possibly lower your taxable income based on if you're covered with a retirement plan at work and on your income level. So the traditional IRA can beneficial now for paying less taxes. However, you will be required to take a required minimum distributions once at a certain age. Right now the RMD (required minimum distribution) age is 73.
All Roth IRA contributions aren't tax deductible. So they won't lower your taxable income. However, they're still beneficial because you pay for the taxes up front and don't have to pay taxes again. You can also keep the funds in your account for as long as you wish. There are rules for a Roth IRA distribution to avoid a penalty such as being over 59 1/2 and holding the account for more than 5 years. There are more exceptions to the distribution rule such as using the Roth IRA funds for higher education and your first home buyer purchase (up to $10,000).
