Which investment does not offer tax-deductible contributions?

Mutual funds do not offer tax-deductible contributions. When you invest in mutual funds, you use after-tax dollars, meaning that the money you invest has already been taxed. Consequently, the contributions made to mutual funds are not deductible from your taxable income.

Unlike mutual funds, IRAs and Keogh plans allow for tax-deductible contributions under certain conditions, which can reduce your taxable income in the year you contribute. Variable annuities can also offer tax-deferred growth on the investment gains, but this flexibility is typically not extended to the contributions themselves. Thus, mutual funds stand out as the investment vehicle where contributions come from post-tax income and do not provide the tax advantages found with other options.