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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