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! Required information Problem 1 3 - 8 6 ( LO 1 3 - 5 ) ( Algo ) [ The following information applies to

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Required information
Problem 13-86(LO 13-5)(Algo)
[The following information applies to the questions displayed below.]
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 $276,000. 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.
Problem 13-86 Part a (Algo)
a. He sets up a SEP IRA.
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