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?

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter19: Deferred Compensation

Section: Chapter Questions

Problem 18CE: Zack, a sole proprietor, has earned income of 85,000 in 2019 (after the deduction for one-half of...

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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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