Billy Ray works for Big City Planning where he is covered by the employer's qualified profit sharing retirement plan. Billy earns $70,000 a year and is single. How much can Billy contribute to a traditional IRA? What is Billy's deduction for making the maximum contribution?

a. Allowed contribution: $5,500; allowed deduction: $1,650

b. Allowed contribution: $1,650; allowed deduction: $1,650

c. Allowed contribution: $5,500; allowed deduction: $5,500

d. Allowed contribution: $5,500; allowed deduction: $0