How much savings does giving 6500 to an IRA save on your taxes?

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How much savings does giving 6500 to an IRA save on your taxes?

It depends on your marginal tax rate. For example, if your tax rate is 22%, a contribution of $6,500 (assuming it is fully deductible) to a Traditional IRA will save you $6,500 x 22% = $1,430 in taxes this year.

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