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ABC Inc. sponsors a defined contribution plan. Seth, age 39, has compensation of $150,000 for the year. ABC has made a $20,000 profit sharing plan
ABC Inc. sponsors a defined contribution plan. Seth, age 39, has compensation of $150,000 for the year. ABC has made a $20,000 profit sharing plan contribution for Seth and $5,000 of plan forfeitures were allocated to Seths profit sharing plan during the year. How much can Seth defer into his CODA plan (401(k) plan) for 2020?
a. $19,500
b. $26,000
c. $32,000
d. $37,000
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