Which of the following statements about IRAs is TRUE?

A taxpayer of any age may contribute to a traditional IRA, as long as the contribution does not exceed their taxable compensation.

Taxpayers with a timely filed extension have until October 15 of the tax year to establish and contribute to an IRA.

Taxpayers may be able to reduce their tax liability by contributing to a traditional IRA after the tax year has ended.

Taxpayers who participate in an employer-sponsored retirement plan are not eligible to contribute to a traditional IRA.