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Lorraine is 42 years old. She is a single taxpayer, is covered by a retirement...

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Accounting

Lorraine is 42 years old. She is a single taxpayer, is covered by a retirement plan at her place of employment, with a modified adjusted gross income (MAGI) of $82,000 in 2024. She wants to make an additional contribution to a traditional IRA. Based on the information provided, can she deduct her IRA contribution?
Yes, but her IRA deduction will be reduced
No, she makes too much money to make a deductible contribution to her IRA account
Yes, she can deduct the full contribution
No, she is not old enough to contribute to an IRA account

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