Reggie is a self-employed taxpayer who turns 59 years old at the end of the year (2022).
Question:
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 53000 or 100 of his net Schedule C income This i...View the full answer
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Related Book For 
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
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