If your intent is to eliminate any income tax burden over the short-term, a traditional IRA will allow for further tax deferred growth until such time you need to start distributions. Qualified distributions from a Traditional IRA are subject to income taxes on the amount distributed.
If you are talking about an existing account that is tax-deferred, such as a traditional IRA, annuity IRA, or 401k Plan account, you may roll it over into a new IRA with no immediate tax liability, provided that you are not yet required to take minimum distributions. If you have a taxable account, then you may contribute to an IRA subject to the annual limitations, which are based up on your age. Depending on your tax situation, you also may want to think about converting the account to a ROTH, which could result in an immediate tax liability, but over the long term is likely to offer you a higher after-tax total return through the power of compound growth.
It depends on what "this" is. If we can assume it is a distribution from a 401(k) or other retirement plan, check to see if any of the distribution is of "after tax" contributions. You'll want to handle this amount differently, if there is any. Also, check to see if any of it is ROTH 401(k) - also important to know. If it is all pre-tax contributions, then you'll want to take a close look at your income tax situation to see if this might be a good time to convert some or all of it to ROTH now. So, not only does it depend on what "this" is, but also on what your tax situation is THIS year.