Is IRA tax deductable?

[Zellerscrossing]

What is the name of your state? ID

Well, I think the title says it all. I'm young and looking for a solid first investment. I'm starting with a $500 IRA through my credit union, however since the money I'm putting in has already been taxed, does the government allow you any tax breaks for this type of investement? Plus, feel free to include any other general advice about IRA's if you'd like. I've read quite a bit about them, but always open for someone's opinion!

 

[anteater]

What is the name of your state? ID

Well, I think the title says it all. I'm young and looking for a solid first investment. I'm starting with a $500 IRA through my credit union, however since the money I'm putting in has already been taxed, does the government allow you any tax breaks for this type of investement? Plus, feel free to include any other general advice about IRA's if you'd like. I've read quite a bit about them, but always open for someone's opinion!

If it is a Roth IRA, no tax deduction.

If it is a Traditional IRA, it depends. Take a look at IRS Pub 590 - the first 15 pages or so should be sufficient to get you started.
http://www.irs.gov/pub/irs-pdf/p590.pdf