Roth IRA is a good choice if you'll have high income in the future when you need to withdraw the funds. The contributions of Roth IRA are not tax deductible. However, when you withdraw them, they are tax-free.
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Traditional IRA contributions are tax-deductible on both state and federal tax returns for the year you make the contribution; withdrawals in retirement are taxed at ordinary income tax rates. Roth IRAs provide no tax break for contributions, but earnings and withdrawals are generally tax-free.
Creating a Roth IRA can make a big difference in your retirement savings. There is no tax deduction for contributions made to a Roth IRA, however all future earnings are sheltered from taxes, under current tax laws. The Roth IRA can provide truly tax-free growth.
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Are you looking at possible tax payments for this year? If you made any improvements to your home, you may be able to lower your tax burden. A home improvement tax deduction can save you money, but you will need to track all your expenses for any home.