<prompt> Human: Can someone explain the tax benefits of funding an IRA before tax day US? Say I put 5000 into the IRA, is that 5000 less that will be taxed?  <response>: The one benefit that youre maybe overlooking is that after 415, youll never be able to contribute that 5000 5500 is the max, yearly, by the way for the 2013 year ever again. 