If I obtain a ira does the amount I purchase deduct from what I owe at a rate of 1 to 1

[macuser_22 · Accepted solution]

No.   A deductible Traditional IRA reduces your taxable income, not your tax.  You tax savings, if any, depend on your margional tax rate.   If you are in the 20% tax bracket, for example, a $1,000 deduction could save $200 in taxes.