Final answer:
The maximum amount of a deductible IRA contribution in 2019 for a taxpayer under the age of 50 is $6,000, and it is a For AGI deduction.
Step-by-step explanation:
The maximum amount of a deductible IRA contribution in 2019 for a taxpayer under the age of 50 is $6,000, and it is a For AGI deduction.
A Traditional IRA allows individuals to contribute pre-tax income, up to specific annual limits, towards investments that can grow tax-deferred. This means that the contributions are made before taxes are taken out, and the taxes on the contributions and the earnings are deferred until the funds are withdrawn.
For a taxpayer under the age of 50, the maximum amount that can be contributed to a deductible IRA in 2019 is $6,000. This means that the taxpayer can deduct up to $6,000 from their taxable income, reducing their overall tax liability. It is important to note that the deductibility of IRA contributions is subject to income limits and may vary depending on the individual's specific financial situation.