During 2016 Jacob, a 19 Year Old Full-Time Student, Earned

During 2016 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 during 2016 is $5,500. 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) $500
C) $4,500
D) $5,500

Correct Answer:

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