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Kathy is 60 years of age and self-employed. During 2023, she reported $500,000 of revenues and $100,000 of expenses relating to her self-employment activities.

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Kathy is 60 years of age and self-employed. During 2023, she reported $500,000 of revenues and $100,000 of expenses relating to her self-employment activities. If Kathy has no other retirement accounts in her name, what is the maximum amount she can contribute to an individual 401(k) for 2023? Assume she pays $30,577 in self-employment for 2023.

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