In 2019, Tyson (age 22) earned $3,500 from his part-time job and he reported $15,000 of interest income (unearned income). Assuming he does not participate in an employer-sponsored plan, what is the maximum deductible IRA contribution Tyson can make in 2019?
What will be an ideal response?
$3,500
Deductible contributions to an IRA are limited to the lesser of $6,000 or earned income.
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