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John is 60 years of age and self-employed. During the year, he reported schedule C gross receipts of $100,000 and expenses of $40,000. If John

John is 60 years of age and self-employed. During the year, he reported schedule C gross receipts of $100,000 and expenses of $40,000. If John has no other retirement accounts in his name, what is the maximum amount he can contribute to an individual 401(k) retirement plan in 2021?

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