Kathy is 60 years of age and self-employed. During 2018, she reported $534,000 of revenues and $106,800 of expenses relating to her self-employment activities. If Kathy has no other retirement accounts in her name, what is the maximum amount she can contribute to an individual 401(k) for 2018?

• $29,152.         
• $35,152.         
• $53,000.        
• $59,000.

 

Kathy is 48 years of age and self-employed. During the year (2018) she reported $400,000 of revenues and $100,000 of expenses relating to her self-employment activities. If Kathy has no other retirement accounts in her name, what is the maximum amount she can contribute to an individual 401(k)?

• $53,000.       
• $59,000.      
• $75,727.       
• $81,727.

Answer rating: 100% (QA)

ANSWER 1 C 53000 IRS Publication 590 entitled Individual Retirement Arrangements IRAs refers to an I... View the full answer