You'll need to sign in or create an account to connect with an expert.
If you know your marginal tax bracket.....its at ~ your tax rate.
i.e. if you are being taxed at 15%, an you contribute 2000 to a deductible IRA , it may get you an additional 0.15 x 2000 = $300 (if you are eligible to make a deductible contribution in the first place)
So spending $2000, might get you 300 more back. but if you are taxed at 10%, then only $200 gets back to you. IF you have zero taxable income, then no more comes back to you......
If you know your marginal tax bracket.....its at ~ your tax rate.
i.e. if you are being taxed at 15%, an you contribute 2000 to a deductible IRA , it may get you an additional 0.15 x 2000 = $300 (if you are eligible to make a deductible contribution in the first place)
So spending $2000, might get you 300 more back. but if you are taxed at 10%, then only $200 gets back to you. IF you have zero taxable income, then no more comes back to you......
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
jdh19981978
New Member
cmosleyhull27
New Member
TedCar
New Member
roseadelle22
New Member
Gettxfin
Returning Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.