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Reggie is a self-employed taxpayer who turns 59 years old at the end of the year (2022). In 2022, his

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Reggie is a self-employed taxpayer who turns 59 years old at the end of the year (2022). In 2022, his net Schedule C income was $300,000. This was his only source of income. This year, Reggie is considering setting up a retirement plan. What is the maximum amount he may contribute to the self-employed plan in each of the following situations?

a) He sets up a SEP IRA.

b) He sets up an individual 401(k).

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a The maximum amount the greater of 53 000 or 100 of his net Schedule C income This …View the full answer


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Related Book For  answer-question
Taxation Of Individuals And Business Entities 2023 Edition

Taxation Of Individuals And Business Entities 2023 Edition

ISBN: 9781265790295

14th Edition

Authors: Brian Spilker, Benjamin Ayers, John Barrick, Troy Lewis, John Robinson, Connie Weaver, Ronald Worsham

See More Books
Question Details
Chapter # 13
Section: Discussion Questions
Problem: 86
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Question Posted: November 15, 2022 01:43:08
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