Ben earns a $138,000 salary this year and is a participant in a regular 401(k) plan in
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Question:
Ben earns a $138,000 salary this year and is a participant in a regular 401(k) plan in which he contributes the statutory limit of $20,500 (2022). He also reports $10,000 in gross self-employment income from book royalties.
What is the maximum amount that Ben may contribute and deduct if his plan is a SIMPLE IRA?
What is the maximum amount that Ben may contribute and deduct if his plan is a SEP IRA?
Related Book For
South-Western Federal Taxation 2022 Individual Income Taxes
ISBN: 9780357519073
45th Edition
Authors: James C. Young, Annette Nellen, William A. Raabe, Mark Persellin, William H. Hoffman
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