Elvira is a self-employed taxpayer who turns 42 years old at the end of the year (2014).

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Elvira is a self-employed taxpayer who turns 42 years old at the end of the year (2014). In 2014, her net Schedule C income was $120,000. This was her only source of income. This year, Elvira is considering setting up a retirement plan. What is the maximum amount Elvira may contribute to the self-employed plan in each of the following situations?
a. She sets up a SEP IRA.
b. She sets up an individual 401(k).
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Taxation Of Individuals And Business Entities 2015

ISBN: 9780077862367

6th Edition

Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver

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