Reggie is a self-employed taxpayer who turns 59 years old at the end of the year (2020). In 2020, 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? (Round your intermediate calculations to the nearest whole dollar amount.) Problem 13-81 Part a (Static)

a. He sets up a SEP IRA.