Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2023). In 2023, her net Schedule C income was $294,000. 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? Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. a. She sets up a SEP IRA.
Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2023). In 2023, her net Schedule C income was $294,000. 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? Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. a. She sets up a SEP IRA.
Chapter9: Deduct Ions: Employee And Self-employed - Related Expenses
Section: Chapter Questions
Problem 38P
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![Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2023). In 2023, her net Schedule C income
was $294,000. 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?
Note: Round your intermediate calculations and final answers to the nearest whole dollar amount.
a. She sets up a SEP IRA.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8178b134-a466-4497-97cf-78e0d5a5348d%2F61b80fef-e225-417f-a0c4-2096b5e7abb4%2Foqws1p_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2023). In 2023, her net Schedule C income
was $294,000. 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?
Note: Round your intermediate calculations and final answers to the nearest whole dollar amount.
a. She sets up a SEP IRA.
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