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Larry, age 55, is employed by BB Trucking Company as a tire repair specialist. He earns $62,000 per year and received an allocation of $40,000

Larry, age 55, is employed by BB Trucking Company as a tire repair specialist. He earns $62,000 per year and received an allocation of $40,000 to his employer-provided profit sharing plan for the year. If BB Trucking does not match employee deferrals, what is the maximum amount Larry can defer to his 401(k) plan for the 2018 plan year?

a. $15,000.

b. $18,500.

c. $21,000.

d. $24,500. WRONG

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