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During 2018, Jacob, a 19 year old full-time student, earned $4,500 during the year and was not eligible to participate in an employer-sponsored retirement plan. The general limit for deductible contributions
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During 2018, Jacob, a 19 year old full-time student, earned $4,500 during the year and was not eligible to participate in an employer-sponsored retirement plan. The general limit for deductible contributions to an IRA during 2018 is $5,500. How much of a tax-deductible contribution can Jacob make to an IRA?

User Meeeee
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Answer:

Tax deductible contributions are limited to the lesser of $5,500 or the amount of earned income.

User Spliffster
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