Reggie is a self$-$employed taxpayer who turns $59$ years old at the end of the year $(2023).$ In $2023,$ his net Schedule C

income was $$300,000.$ This was his only source of income. This year, Reggie is considering setting up a retirement plan.

What is the maximum amount he may contribute to the self$-$employed plan in each of the following situations? Answer is not $56,000$ btw

Note: Round your intermediate calculations to the nearest whole dollar amount.

a$.$ He sets up a SEP IRA.