It depends. Contributions to a traditional IRA are deductible in the year you make them. You are within the AGI limits to get the full deduction for any contribution up to $6,000, or $7,000 if you are over 50.
Contributions to a Roth IRA are not deductible. They are funded with after-tax dollars and the earnings grow tax-free. You pay no taxes or penalties on qualified distributions. To see the differences between Roth and Traditional IRAs, click here.
The deadline to contribute to either for 2021 is April 18, 2022. Depending on your filing status, your contribution to either may also qualify you for the Saver's Credit.
