I understand that traditional IRA gives you a deduction now and tax you later when you withdraw. I need a clue on how much tax is charged on withdraw.
Say I deposit $4,000 into traditional IRA and my tax due is reduced by $800. How much tax do I pay on the $4,000 when I withdraw at 59 years old? Ballpark figure?
Say my income is same when I deposit and when I withdraw.