Question: Rafael, age 4 0 , earns $ 3 0 , 0 0 0 in 2 0 2 4 . Although he can contribute up to

Rafael, age 40, earns $30,000 in 2024. Although he can contribute up to $7,000 to his traditional IRA for 2024, he only contributes $3,000. On May 3,2025, Rafael decides to make up the difference between his actual contributions for 2024 and his 2024 limit. How much of the difference can he contribute to his traditional IRA for the prior year (2024)?
A. SO
B. $1,000
C. $3,000
D. $4,000

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