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Hope is a self-employed taxpayer who turns 54 years old at the end of the year (2020). In 2020, her net Schedule C income was
Hope is a self-employed taxpayer who turns 54 years old at the end of the year (2020). In 2020, 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? (Round your intermediate calculations and final answers to the nearest whole dollar amount.)
Problem 13-79 Part b (Static)
b. She sets up an individual 401(k).
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