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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 was

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 if she sets up an individual 401(k)?

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