Multiple Choice
Dave and Tammy are both employed but are eligible to contribute to a traditional IRA.If they each contribute $5,500 to their respective accounts,how much federal income tax will they save if they are in the 30% marginal tax bracket?
A) $3,300
B) $3,000
C) $1,650
D) $ 0, since contributions to a traditional IRA are not deductible from income for federal income tax.
Correct Answer:
Verified
Correct Answer:
Verified
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