Required information

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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 $$256,000.$ 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.

He sets up a SEP IRA.

Maximum contribution