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On my 1996 1040, I made a traditional IRA contribution and deducted the entire amount. I did the same for 1997. Both years I was easily in the 15% tax bracket. In 1998, I was blessed with more income and am now in the 28% bracket. When paying the taxes for the converted IRA, I will be paying at the 28% rate. Is it suggested that I amend my 1996 and 1997 returns and do not take the deduction for my contribution, thereby only paying tax at the 15% rate? If so, what forms would I have to file and how do I calculate the interest owed on the back taxes?
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