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What is the maximum amount he may contribute to the self-employed plan in

What is the maximum amount he may contribute to the self-employed plan in

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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! Required information [The following information applies to the questions displayed below.] Reggie is a self-employed taxpayer who turns 59 years old at the end of the year (2023). In 2023, 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? Note: Round your intermediate calculations to the nearest whole dollar amount. a. He sets up a SEP IRA. Maximum contribution $ 73,500
Transcribed Image Text:! Required information [The following information applies to the questions displayed below.] Reggie is a self-employed taxpayer who turns 59 years old at the end of the year (2023). In 2023, 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? Note: Round your intermediate calculations to the nearest whole dollar amount. a. He sets up a SEP IRA. Maximum contribution $ 73,500
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