Joanna, age 44, defers $23,000 in a qualified Solo 401(k) plan in 2018. a. What amount

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Joanna, age 44, defers $23,000 in a qualified Solo § 401(k) plan in 2018.

a. What amount must be returned to Joanna and by what date?

b. In what year will the amount be taxed?

c. What percent of the tax will be imposed. on Joanna if excess contributions are not returned by what date?

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South-Western Federal Taxation 2019 Individual Income Taxes

ISBN: 9781337702546

42nd Edition

Authors: James C. Young, William H. Hoffman, William A. Raabe, David M. Maloney, Annette Nellen

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Question Posted: Oct 28, 2019 09:47 AM

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Joanna, age 44, defers $23,000 in a qualified Solo 401(k) plan in 2018. a. What amount

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A 401k plan allows participants to elect to receive up to 18500 in 2018 in cash taxed currently or to have a contribution made on their behalf to a pr...View the full answer

South-Western Federal Taxation 2019 Individual Income Taxes

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