Would it be beneficial for me to add to an IRA to save on taxes this year? Would I get more of a return from Federal and pay less on state?

[kjgarry66 · Accepted solution]

Yes, but not everyone qualifies for this deduction. There are both age and total adjusted income limitations. Also, if you are receiving a tax deferred retirement through your employer(s), you will be ineligible.

[bperennial]

How do I find out specific totals of what I would have to deposit/add to an existing IRA and the tax savings amounts that I would get?