Question: Malcolm, a 3 8 - year - old single taxpayer, earned $ 7 9 , 0 0 0 in wages. Since he does not have

Malcolm, a 38-year-old single taxpayer, earned $79,000 in wages. Since he does not have any other income or adjustments, his modified adjusted gross income (MAGI) is also $79,000. He is covered by a retirement plan at work.
Malcolm is very interested in saving for retirement, and he would like to contribute to a traditional IRA for 2023. However, he does not want to contribute more than he can deduct. What is his maximum deductible contribution for Tax Year 2023?

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