Reggie is a self-employed taxpayer who turns 59 years old at the end of the year (2020).
Question:
Reggie is a self-employed taxpayer who turns 59 years old at the end of the year (2020). In 2020, 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 57000 Contributions to SEP IRAs are limited to the lesser of 1 57000 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 2021
ISBN: 9781260247138
12th Edition
Authors: Brian Spilker, Benjamin Ayers, John Barrick, Troy Lewis, John Robinson, Connie Weaver, Ronald Worsham
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