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Question
If I contributed $1500 to my traditional IRA in 2020, how much of a tax break do I get?
AI accountant’s answer:
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.
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Answer
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.
No answer given yet!
Melissa Pedigo, CPA
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