During 2023, Jacob, a 19-year-old full-time student, earned $4,500 during the year and was not eligible to participate in an employer-sponsored retirement plan. The general limit for deductible contributions to an IRA during 2023 is $6,500. How much of a tax-deductible contribution can Jacob make to an IRA?

Multiple Choice

$0 (Full-time students are not allowed to participate in IRAs)

$1,500

$4,500

$6,500