I'll use 2016, as the resources are available:
Take $71,000
Subtract your MAGI ($67,000)
Multiply $4000 by 55% (single, under 50) =$2200 That's the most you can deduct. Might save 25%- $550.
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https://www.irs.gov/publications/p590a/ch01.html#en_US_2016_publink1000230533">https://www.irs.gov/p...>
