Hope is a self-employed taxpayer who turns 54 years old at the end of the year (2023). In 2023, her net Schedule C income was $130,000. This was her only source of income. This year, Hope is considering setting up a retirement plan.

What is the maximum amount Hope may contribute to the self-employed plan in each of the following situations?

Hope is a self employed taxpayer who turns 54 years old at the end of the year (2023). in 2023, her net schedule C income was $130,000. This was her only source of income. This year, Hope is considering setting up a retirement plan.

What is the maximum amount Hope 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.

Maximum contribution?

Note: Round your intermediate calculations and final answers to the nearest whole dollar amount.

a. She sets up a SEP IRA.