Depends. A Roth IRA is not deductible. A Traditional IRA can be deductible if your income allows it. How much to would save depend on your income and your margional tax bracket. If you are in the 20% tax bracket then a $5,000 deductions would result in about $1,000 tax reduction. ($5,000 x .20).
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
