Ross is single and maintains an IRA. During a trip to Las Vegas in 2016, he wins $14,000 at the roulette wheel. He decides to put half his earnings in his IRA account and spend the other half on a trip to Europe. At the end of 2016, the total assets in his IRA account are $29,000. Because he is covered by his employer's pension plan, Ross did not deduct any portion of his $7,500 IRA contribution. His salary for the year is $70,000. Write a letter to Ross advising him on the tax consequences of his actions.