There are two different options when deciding to invest in an IRA. Quickly learn the basic difference between a Traditional IRA and a Roth IRA.
You have the option to invest in a traditional IRA up to the $5,5000 annual limit, or up to $6,500 if you are 50 or older. This will decrease your overall taxable income and therefore your tax liability. The first step you need to take is to analyze all of your numbers to determine if this is the best personal option for you.
Your second option is to invest in a Roth IRA for same amount. This does not decrease your overall taxable income. However, it does grow tax-free if you keep it in the investment account for five or more years.
To determine the exact IRA contribution limits, visit the following web page on the official IRS government website here: IRA contribution limits.