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During 2 0 2 3 , Charles, a single 2 9 - year - old, deferred 2 % of his salary, or $ 2 ,

During 2023, Charles, a single 29-year-old, deferred 2% of his salary, or $2,000, into a qualified plan sponsored by his employer. Charles makes the maximum contribution to his Traditional IRA allowed. What is his basis in his IRA (due to this contribution)?

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