I owe $4k to IRS so far; will contributing $4k to my IRA negate it completely?

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I owe $4k to IRS so far; will contributing $4k to my IRA negate it completely?

No, it will not. A deductible contribution to an IRA will reduce your taxes by the amount of the contribution times your marginal tax rate only. For example, if you are in the 25% marginal tax rate bracket a $4k contribution would reduce your tax by $1,000.

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I owe $4k to IRS so far; will contributing $4k to my IRA negate it completely?

No, it will not. A deductible contribution to an IRA will reduce your taxes by the amount of the contribution times your marginal tax rate only. For example, if you are in the 25% marginal tax rate bracket a $4k contribution would reduce your tax by $1,000.