Ted and Margaret, ages 40 and 38, plan to contribute $13,000 to their IRAs for 2023. They are both employed and file a joint tax return. Ted is an active participant in his employer's qualified retirement plan. Margaret works for the city and contributes to her 457 plan. Their 2023 MAGI is$123,600. Explain to them the amount, if any, can they deduct for their IRA contributions for 2023? Show your work then justify your answer to Ted and Margaret, including any applicable phaseout ranges