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It is important to give more details, simply because with that we can give you a more complete answer and more promptly. Yes a 150/80 tyre will fit your wheel, I've done it myself, however all our older Harleys have limited clearances, especially with the drive, whether it is chain on your older bike, or belt on slightly later bikes.
So let's go back to basics, as you can answer your own question. Assuming you currently have a 130 or MT rear tyre, you can measure your current clearances between the tyre and chain, or chain guard. The actual installed width of a 150 tyre can very, depending on brand, but let's assume one that measures 150mm. That will need nominally 10mm clearance, taken from what your currently have, to work. So check your bike and ask yourself: do you have that 10mm, or preferably a decent amount extra?
Take care when selecting a 150/80 tyre, as they were once popular for a wide variety of bikes and are available in several different load ratings, also H and V speed ratings. A V rated tyre may be suitable, but will have less tread, be softer and not last long. But then with a 124" that may not matter!
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