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    jimzbr62's Avatar
    jimzbr62 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Apr 5, 2012, 02:16 PM
    Savings from IRA contribution
    I owe about $1300, with a business that had net income last year. For every dollar that I put into an IRA, what is the approximate tax reduction?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Apr 5, 2012, 03:41 PM
    Depends on your marginal income tax bracket; probably 15% or 25%.
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