Theo contributed $2,800 to a Roth IRA. He is currently in the 25% tax bracket. How will his contribution affect his income tax for the current year? Multiple Choice It will reduce the amount of taxes he owes in the current tax year by $700. It will increase the amount of taxes he owes in the current year by $700. It will reduce the amount of taxes he owes in the current year by $2,100. It will have no effect on the amount of taxes he owes this year