If you are eligible to contribute to a deductible IRA, you can contribute up to $6,000 (plus a catch up of $1,000 if you are aged 50 or older).
By contributing to an IRA, you will save on taxes, but not dollar for dollar. The IRA contribution is a deduction from income and your tax savings is equal to the contribution multiplied by your marginal tax bracket. So if you make a contribution of $6,000 and your tax bracket is 22%, then you will save $1,320 ($6,000 x 22%) in taxes.
Whether it is worth making the contribution is a matter of personal judgment.
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