I owe 2k. If I open an IRA for 2k I don't have to pay anything? how much I need to open the IRA with to avoid paying anything. thanks

[juancvo]

I JUST FINISHED TURBO TAX 2017 AND IT SAYS I OWE $2,000 FEDERAL AND $62 VIRGINIA TAX. HOW MUCH DO I NEED TO OPEN AN IRA TO NOT PAY ANYTHING??? THANKS 

[Hal_Al · Accepted solution]

You're only allowed to deduct $5500 maximum for an IRA. That will only reduce you tax about $800-1000, depending on your tax rate.