Question: Hello, Please advise if my answer is correct. Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2020).

Hello,

Please advise if my answer is correct.

Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2020). In 2020, her net Schedule C income was $300,000. This was her only source of income. This year, Rita is considering setting up a retirement plan. What is the maximum amount Rita may contribute to the self-employed plan in each of the following situations

She sets up SEP IRA: 57000

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