Say I owe $2500 in taxes and decided to put that into an IRA, how much will that save me on my taxes - How much would I have to pay?

[SweetieJean]

Assuming you qualify for a Traditional IRA, it depends upon your marginal tax rate. For example, a $5,000 IRA saves you $1,250 in Federal taxes if you are in the 25% bracket.

[Marketstar]

Try this refund tool to determine the result of a Traditional IRA contribution.Tax Caster

A Traditional IRA may reduce your taxable income and qualify you for the Saver's Credit