During 2019, Alec Meachin earned a net profit of $80,000 from his sole proprietorship (as reported on
Question:
During 2019, Alec Meachin earned a net profit of $80,000 from his sole proprietorship (as reported on Schedule C). He paid $10,000 self-employment taxes during the year. What is the maximum contribution and deduction amount available to Alec if he maintains a
a. Solo 401(k) plan?
b. SEP IRA?
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For both the Solo 401k plan and the SEP IRA the maximum contribution and deduction amount for Alec M...View the full answer
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Related Book For 
CCH Federal Taxation Basic Principles 2020
ISBN: 9780808051787
2020 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
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