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Hope is a self-employed taxpayer who turns 54 years old at the end of the year (2022). In 2022, her net Schedule C income
Hope is a self-employed taxpayer who turns 54 years old at the end of the year (2022). In 2022, 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. Problem 13-84 Part b (Static) b. She sets up an individual 401(k).
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