During 2023, Jill, age 39, participated in a 401k plan which provides for maximum employee contributions of 13%. Jill's salary was $103,600 for the year. Jill elects to make the maximum contribution. What is Jill's maximum tax-deferred contribution to the plan for the year?

During 2023, Jill, age 39, participated in a 401k plan which provides for maximum employee contributions of 13%. Jill's salary was $103,600 for the year. Jill elects to make the maximum contribution. What is Jill's maximum tax-deferred contribution to the plan for the year?

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter19: Deferred Compensation

Section: Chapter Questions

Problem 38P

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Question

During 2023, Jill, age 39, participated in a 401k plan which provides for maximum employee contributions of 13%. Jill's salary was $103,600 for the year. Jill elects to make the maximum contribution.

What is Jill's maximum tax-deferred contribution to the plan for the year?

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