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No. A deductible Traditional IRA reduces your taxable income, not your tax. You tax savings, if any, depend on your margional tax rate. If you are in the 20% tax bracket, for example, a $1,000 deduction could save $200 in taxes.
No. A deductible Traditional IRA reduces your taxable income, not your tax. You tax savings, if any, depend on your margional tax rate. If you are in the 20% tax bracket, for example, a $1,000 deduction could save $200 in taxes.
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