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Craig reports $250,000 in gross self-employment income from his sole proprietorship. What is the maximum amount that Craig may contribute and deduct if his plan

  1. Craig reports $250,000 in gross self-employment income from his sole proprietorship. What is the maximum amount that Craig may contribute and deduct if his plan is a SIMPLE IRA? What is the maximum amount that Craig may contribute and deduct if his plan is a SEP IRA?

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