Question: Michael earned $ 2 0 , 0 0 0 at the K - M Resort Golf Club during the summer prior to his senior year

Michael earned $

20, 000

at the K

-

M Resort Golf Club during the summer prior to his senior year in college. He wants to make a contribution to a traditional IRA, but the amount is dependent on whether it reduces his taxable income. If Michael is going to claim the standard deduction, will a contribution to a traditional IRA reduce his taxable income? Explain.

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