re: I just opened my Vanguard Roth IRA account

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I can deposit $5,500/year into my IRA account and do what with it? That $5,500 is tax deductible correct?

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Like the other poster said. Its already taxed dollars that you are putting into the Roth so can't deduct it. Traditional is the opposite in which it would be tax deductible but you already have a 401k.

You just let it sit and build now until you hit 59 1/2 and withdrawal tax free. I just did the target fund for right now but you can change it. Mine is basically 80% stock with 20% asset allocation. There are several threads about which Vanguard funds to pick, I would look at the sticky thread regarding Vanguard funds.