We owe taxes. Can we open an IRA to alleviate those taxes?

If so how do we calculate how much to zero out the taxes we owe?

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It is based on your marginal tax rate, subject to the maximum IRA allowed contribution.

So, a $5500 contribution can save you $1375 in Federal taxes if you are in the 25% bracket.

So how about 28% bracket? Is there a formula or calculation to decipher the savings? PS Thanks!

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