While preparing his tax return, Emilio accidentally added his IRA retirement contribution of $2,900 to...

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Accounting

While preparing his tax return, Emilio accidentally added his IRA retirement contribution of $2,900 to his gross income instead of
subtracting it. If he is in the 24% marginal tax bracket, what will be the impact of this error on his federal taxes?
His reported taxes will be lower by $1,392.
His reported taxes will be lower by $696.
His reported taxes will be higher by $1,392.
His reported taxes will be higher by $696.
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