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Is there a IRA calculator to see how much I can invest for a tax deduction.?


Married couple, 115k, filing jointly, and owed $7k last year, looking to use IRA as a way to reduce paying fed and CA state taxes, we have no other deductions other than standard deduction.

your tax professional can tell you. it depends on your age, income and whether or not each of you is a participant in a qualified plan through your employer. irs.gov is a great reference.
You may want to check on Suzy Orman.com, this is a good website for financial advise.
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