The traditional IRA allows tax-deductible contributions of up to $4,000 for individuals who are not covered by employer-sponsored retirement plans or meet income qualifications if they have an employer plan.

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The statement is correct. Individuals who are not covered by employer-sponsored retirement plans or meet income qualifications if they have an employer plan can make tax-deductible contributions of up to $4,000 to a traditional IRA.

The Traditional IRA Allows Tax-Deductible Contributions of Up to $4,000