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If I open an IRA for $1000. , will that take $1000 off my income? ( 2000-2000)?
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If I open an IRA for $1000. , will that take $1000 off my income? ( 2000-2000)?
A Traditional IRA may reduce your taxable income by the amount of your deduction.
A Traditional or Roth IRA may qualify you for the Saver's Credit.
See What Is the Saver's Credit ?
You can determine the effect of adding an IRA contribution by entering it into TurboTax and viewing the difference (if any) on the refund meter.
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