The correct answer is E. None of the above are deductible on Form 1040.
A contribution to an individual retirement account (IRA) may be deductible depending on the individual's eligibility and the type of IRA.
Gambling losses are deductible to the extent of gambling winnings, but they are subject to certain limitations and must be reported as an itemized deduction on Schedule A.
Hobby losses are generally not deductible. Hobby expenses can only be deducted up to the amount of hobby income, and they are reported as miscellaneous itemized deductions subject to the 2% adjusted gross income (AGI) floor. However, miscellaneous itemized deductions, including hobby expenses, are no longer deductible starting from the tax year 2018 until 2025.
Therefore, none of the listed items are fully deductible on Form 1040.