Final answer:
Jack can contribute up to $7,000 to his traditional IRA for 2021, which is the limit for individuals 50 years of age or older. The ability to deduct these contributions could be phased out due to his income level and coverage by a work retirement plan.
Step-by-step explanation:
The question asks about the maximum deductible contribution Jack may make to a traditional IRA for the year 2021. As of the provided information, contribution limits for traditional and Roth IRAs in previous years such as 2014 and 2015 were $5,500, or $6,500 for those age 50 or older. For the tax year 2021, these limits have been adjusted for inflation. Although Jack is over 50, and his earned income from consulting would allow him to contribute a significant amount, the maximum contribution for individuals over 50 is actually $7,000 for 2021. Therefore, Jack can contribute up to $7,000 to his traditional IRA for the year 2021. It’s important to note that since Jack is covered by a retirement plan at work, his ability to deduct his traditional IRA contributions could be phased out based on his income level. However, the income ranges for such phaseouts are not provided within this question. Generally, IRA contribution limits are periodically updated, so it's advisable to check for the most current information with the IRS or a financial advisor.