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How Much Could Your IRA Save You?
How much can you save on your taxes by making contributions to an IRA? You can save on your present taxes by deducting eligible contributions from your taxable income. By taking this deduction, you'll defer taxes by putting them off until you retire (when you'll most likely be in a lower income tax bracket). The chart below shows you how much you may be able to save now and each taxable year based on some contribution examples.
Note: To find out your maximum deductible contribution amount,
see the IRA Deductible Contribution Chart below.
Certain limitations apply to the tax deductible status of IRA contributions for many wage owners.
IRA Deductible Contribution Chart
|$ 25,000 or less||$ 40,000 or less||$ 2,000|
|$ 27,500||$ 42,500||$ 1,500|
|$ 30,000||$ 45,000||$ 1,000|
|$ 32,500||$ 47,500||$ 500|
|$ 35,000 or more||$ 50,000 or more||None|
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