During 2020, Jacob, a 19-Year-Old Full-Time Student, Earned $4,500 During

Multiple Choice

During 2020, 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 2020 is $6,000. How much of a tax-deductible contribution can Jacob make to an IRA?

A) $0 (Full-time students are not allowed to participate in IRAs) .
B) $1,500.
C) $4,500.
D) $6,000.