For qualified individuals,a contribution to a traditional IRA (Individual Retirement Account)is a(n)
A) credit.
B) adjustment to gross income.
C) itemized expense.
D) additional exemption amount.

Question

Quizplus · Accepted Answer

A contribution to a traditional IRA is an adjustment to gross income, which means it reduces the taxpayer's taxable income. This can result in a lower tax liability and possibly a refund. The other options (credit, itemized expense, and additional exemption amount) do not apply to traditional IRA contributions.

For Qualified Individuals,a Contribution to a Traditional IRA (Individual Retirement