If I contributed $1500 to my traditional IRA in 2020, how much of a tax break do I get?
Answered by Melissa Pedigo, CPA ·
According to the IRS, the $1500 you've paid reduces your taxable income by that amount, and you don't have to pay taxes on it. You can multiply $1500 by your tax rate and find out how much you've saved paying to the IRS.