Question: Lamont, a 5 0 year old single taxpayer, earned $ 5 5 , 0 0 0 in wages. He is covered by an employer -

Lamont, a 50 year old single taxpayer, earned $55,000 in wages. He is covered by an employer-sponsored retirement plan. What is his maximum allowable contribution to a traditional IRA for 2023?1. $0(he is not eligible to contribute to a traditional IRA),2. $6,500,3. $7,500,4. $30,000

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