I've noticed that as you fill out forms on Turbo Tax, HR Block, or other tax software, there are often ads and advice about opening an IRA around tax season. The basis is that if you have an extra $5,000, the wise thing to do is to put it into starting an IRA or similar account before filing. That way, it counts as non-taxable income. Has anyone tried this strategy? If so, what management company did you use? I think I also read somewhere that it can backfire in the long run if you don't know what you're doing, meaning that with the current tax rules, you can still be taxed when you are 65 years old and start cashing out on these accounts. I think I read that this actually happened to Mitt Romney and people were mocking him for it. Hopefully I'm wrong and they were twisting the story to make fun of Romney. Any advice on starting an account around tax season would be helpful. Thanks!