KMNelson is correct, Not only are the contributions to a traditional IRA generally deductible on the federal level (TurboTax will tell you when they are not), but the earnings are tax-deferred until you withdraw amounts from the IRA in the future.
Note that qualified distributions from a Roth IRA are never taxable, so long as you are at least 59 1/2 and have had a Roth IRA for at least 5 years.
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