IRA Rollover

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Question: What is the difference between deductible and non-deductible contribution to a traditional IRA?

during 2008 I made few after-taxes contributions to a rollover IRA – I rolled my old jobs 401K into it to avoid getting fined. After a while I learned that the funds in rollover account can’t be invested if certain bottom is not reached. And so to reach the investment bottom line I made few after-tax contributions, until I realized that by definition when I get money out of the IRA it will be taxed. I stopped contributing but I still can’t figure out if I can get a break on the 2008 return for contributing to and IRA after taxes.
Any suggestions?
Thanks

Answer: A nondeductible traditional IRA doesn’t come with any current tax benefits because its being funded with after-tax dollars.

A deductible IRA is funded with pre-tax dollars, and withdrawals are taxed at retirement or after age 59 1/2, whichever comes first.