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You are in the 24% marginal income tax bracket. You have the option of choosing a $1,000 tax deduction on Line 8a (Form 1040) or

You are in the 24% marginal income tax bracket. You have the option of choosing a $1,000 tax deduction on Line 8a (Form 1040) or taking a $300 tax credit on Line 13a (Form 1040). Which option will give you the most tax savings?

$300 tax credit

$1,000 tax deduction

Neither option will provide you with tax savings

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