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Author: DeltaOne81 Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 120801  
Subject: Re: ira for dummies Date: 2/12/2008 3:52 PM
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isn't that like double taxed?

No, because its a tax *deduction*. So you may have been taxed on it, but you get that back when you file. So, net, you weren't taxed to begin with.

Now, depending on your income & other facts, you may or may not be able to actually deduct that contribution. So you should find that out before you make a contribution (see IRS Pub 590 - everything you ever wanted to know about IRAs). If you can't, then, yes, it usually doesn't make much sense.
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