Question
I am considering contributing to a Traditional IRA to help offset my $2800 Fed and State Tax Bill. Is there a way to estimate in TurboTax if that would help reduce bill?
Married FJ, W2 $168K. I maxed work 401K. My wife was not eligible in 2016 because she started a new job and needed 6 mnths. Eligible MAR 2017. According to phase-out for deductible contributions based on your joint income we fall below the ing jointly, the phase-out range is $184,001 – $193,999. My tax rate is 28% now; it might be lower next year which I could then convert to Roth IRA with lower tax rate. Sound this theory appear sound?
