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by tsmith
3731 days ago
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I am guessing OP was able to decrease his/her taxes owed by $1500 (e.g. by deducting marginal income by $3000 at a combined state and federal marginal tax rate of ~50%). *Edit: or, as cbhl points out below, OP is married filing separately, in which case the deduction limit is $1500/year (multiplied by marginal tax rate to yield actual tax savings). |
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