<prompt> Human: Hey PF,Fortunately Im in the financial place to do this and didnt do anything stupid. Last night I opened a Roth IRA and maxed out my 2013 contribution with a 5,500 deposit. Because Roth is tax now, not later, how is that going to change my 2013 taxes? Will I pay additional on the deposit, or do I have that taxed value deducted from the initial deposit.Assistant: Because Roth is tax now, not later, how is that going to change my 2013 taxes?It wont change them at all. You have until April 15, 2014 to make a contribution for tax year 2013.Human: Sorry, so I did just make a contribution for the 2013 tax year. I maxed it out at 5,500. What Im asking is what taxes am I going to have to pay on that and when and where will they be deducted. Assistant: You dont pay any taxes on a roth contribution because you already paid taxes on that money. Roth: Paid for with after tax dollars, no taxation on distributionwithdrawal.Traditional: Paid for with pre-tax dollars, taxed upon distributionwithdrawal.Human: So if I had set up a Traditional, the money would be coming out of my deductible income. Roth it cannot because I paid the taxes on it now?Assistant: You always contribute to IRAs with money that has already been taxed. With a Roth IRA you cant deduct your contributions when you file for your taxes. With a traditional IRA you may be able to deduct your contributions from your tax filing if you meet the qualifications.Human: Thank you this is clear enough for me to understand now.Assistant: Next time I suggest not mixing alcohol and investments.Human: Yeah yeah, Ill stick to these guidelines:Develop a workable planInvest early and oftenNever bear too much or too little riskNever try to time the marketUse index funds when possibleKeep costs lowDiversifyMinimize taxesKeep it simpleStay the course  <response>: Drunk investing is best investing. 