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lesson pretestMultiple Choice

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Question 1 • Financial Math

Casey contributed $⁢1,000 to a traditional IRA. Which tax deduction might Casey be eligible for?

Answer
A
state and local taxes deduction
B
retirement contributions deduction
C
charitable contributions deduction
D
home office deduction

Explanation

A contribution to a traditional IRA may qualify for a retirement contributions deduction, depending on Casey’s income and other eligibility rules. The other choices concern home-business expenses, charitable gifts, or state and local taxes, not IRA contributions.

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