Traditional IRA

[vanillabean]

If you fund your traditional IRA with your bank account's post-tax income, do you get a refund at tax time to make your contribution tax deferred? I have no idea how it works.

[tacpoly]

If you are under the income maximum for a trad IRA, you are able to take your contribution as a deduction when you file your income tax, effectively making your contribution tax-free.
If you can afford after-tax contribution, I would suggest looks my into a Roth IRA instead.

[Anonymous]

I opened and maxed out a traditional IRA at my bank for prior year contribution and reduced my household income by $6500 and consequently will be getting a refund from the IRS for 2016. In 2015 before having the IRA, we owed taxes.