No taxes will be due on that money until it is removed from the account. With a traditional IRA, you can make contributions with money before taxes, reducing your taxable income. Your investments will grow tax-free until you make distributions at age 59 and a half, where you will be taxed on the amount distributed. Roth IRAs differ in that they are funded with after-tax dollars, meaning they have no impact on your taxes and you won't pay taxes on the amount when making distributions.
As for the possibility of opening an IRA to reduce taxes, you may be able to contribute deductible amounts to an IRA.
