Question: 7 Mason Michaels is self-employed. During the current year, he established a qualified defined-contribution retirement plan of which he will be the only beneficiary. Mason's

7 Mason Michaels is self-employed. During the current year, he established a qualified defined-contribution retirement plan of which he will be the only beneficiary. Mason's records disclose the following: Earned income from Self-employment... Interest income... Dividend income. Net long-term capital gain. S 40,000 4,000 2,000 4.000 S 50,000 What is the maximum amount that Mason can deduct as a contribution to his qualified retirement plan for 2018? For 2019? Mason Michaels : Earned income Interest income Dividend income Net long term CG. $40,000 $4,000 $2,000 $ 4,000

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