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

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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).