Spiro invested $800 in an IRA.If he has a 15% marginal tax rate,and the contribution is tax deductible,the tax impact in the year of the investment will be
A) that he will pay $120 more in taxes.
B) that he will pay $120 less in taxes.
C) that he will pay $800 less in taxes.
D) zero;an IRA has no impact until funds are withdrawn.
Correct Answer:
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