I made a mistake calculating my withholdings for 2016 and now my wife and I (married filing jointly) owe about $2,500. My employer has a 401k plan and combined we make $102,000, so I believe that means we qualify for a partial reduction up to $4,400. My question is, if I just cut a check for $2,500 and open a traditional IRA, does that mean I now owe $0 in taxes?
Thank you
