Several months ago, a family member gave me an EE savings bonds, which I cashed in. The amount of interest on it is something in the area of $17,000. I can't find the thread, but I did ask here what my projected tax on it would be and I have set that money aside.
In the meantime, I just opened a Roth IRA with Vanguard and invested $5K for tax year 2016. Tax question: Is the $5K something I can claim on my tax return, and will it "cross out" the money I will owe for the interest on the bond?
Thanks!