Richard Hartman, age 29, single with no dependents, received a salary of $62,670 in 2021. During the year, he received $1,300 interest income from a savings account and a $1,500 gift from his grandmother. At the advice of his father, Richard sold stock he had held as an investment for five years, for a $3,000 gain. He also sustained a loss of $1,000 from the sale of land held as an investment and owned for four months. Richard had itemized deductions of $15,000. For 2021 compute the following for Richard:

1. Income tax savings that would result if Richard made a deductible $2,000 contribution to a qualified Individual Retirement Account