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We owe taxes. Can we open an IRA to alleviate those taxes?
If so how do we calculate how much to zero out the taxes we owe?
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June 4, 2019
10:15 PM
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Retirement tax questions
It is based on your marginal tax rate, subject to the maximum IRA allowed contribution.
So, a $5500 contribution can save you $1375 in Federal taxes if you are in the 25% bracket.
June 4, 2019
10:15 PM
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Retirement tax questions
So how about 28% bracket? Is there a formula or calculation to decipher the savings? PS Thanks!
June 4, 2019
10:15 PM