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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

image text in transcribed 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 $260,000. 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? Note: Round your intermediate calculations to the nearest whole dollar amount. b. He sets up an individual 401(k)

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