Hello all, for those tax savy people out there. I know that you can open an IRA account by tax deadline and it can give you a tax credit for 2010...up to 5K..

I guess basically my question is do you only get to deduct as a credit exactly the $ you invested?

Say if I open an account and threw $200 in, I would only credit me $200 kind of right? Not sure how that works-I use turbox tax so don't know how this whole ira thing works?