During 2017,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 2017 is $5,500.How much of a tax-deductible contribution can Jacob make to an IRA?

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Quizplus · Accepted Answer

Jacob can contribute up to the amount of his earned income, which is $4,500, as long as it does not exceed the general limit of $5,500. Being a full-time student does not affect his eligibility to contribute to an IRA.

During 2017,Jacob,a 19 Year Old Full-Time Student,earned $4,500 During the Year