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You made a tax - deductible contribution to your individual retirement account ( IRA ) of $ 1 8 5 0 this year. You pay

You made a tax

-

deductible contribution to your individual retirement account

(

IRA

)

of $

1850

this year. You pay a marginal tax rate of

25 % .

How much money do you save on taxes this year due to your IRA contribution?

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