A Roth IRA allows you to put $2,000 after-tax dollars into an account as long as your AGI is less than $160,000 (married filing joint). The earnings grow and if you take them out after age 59 1/2, they are tax free! Yes, I said tax-free. You can pull your original contributions out at any time.

A deductible IRA allows you to put $2,000 into an account and take a $2,000 tax deduction off of your income as long as your AGI is less than $62,000 (married filing joint). The earnings grow and if you take them out after age 59 1/2, the full amount of the withdrawal is ordinary income on your tax return.

A non-deductible IRA allows you to put $2,000 into an account, but due to your AGI being greater than $62,000 (married filing joint), you cannot take a tax deduction. The earnings grow and if you take them out after age 59 1/2, the full amount of the withdrawal is ordinary income on your tax 
return. However, you are allowed to take your original after-tax contributions out tax-free at any time.

There are many exceptions to these basic rules outlined above so you should consult a fee-only financial planner before taking any action to determine which alternative is best for your unique situation.