Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2018).
Question:
Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2018). During 2018, 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?
a. She sets up a SEP IRA.
b. She sets up an individual 401(k).
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a 55000 Contributions to SEP IRAs are limited to the lesser of 1 55000 or 2 20 of net schedule C inc...View the full answer
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Related Book For 
Taxation Of Individuals And Business Entities 2019 Edition
ISBN: 9781259918391
10th Edition
Authors: Brian C. Spilker, Benjamin C. Ayers, John Robinson, Edmund Outslay, Ronald G. Worsham, John A. Barrick, Connie Weaver
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