Problem 4-17

Employee Pensions (LO 4.7)

Tony is a 45-year-old self-employed psychiatrist who has net earned income of $300,000 in 2017. What is the maximum amount he can contribute to his SEP for the year?

-------------------------------

Problem 4-20 Rollovers (LO 4.9)

Telly, age 38, has a $140,000 IRA with Blue Mutual Fund. He has read good things about the management of Green Mutual Fund, so he opens a Green Fund IRA. Telly asked for and received his balance from the Blue Fund on May 1, 2017.

a. What is the total amount Telly will receive from the Blue Fund IRA?