How much does contributing to an IRA help my return exactly? Is there some kind of table I can look at to see if it's worth it to me? It is not very clear to me how much

[scottpalmore-p]

how much financial benefit we would receive on the refund compared to how much we put in an IRA? Is there a table of some sort to look at?

[SteamTrain · Accepted solution]

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......