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Required Information [The following information applies to the questions displayed below] Elvira is a self-employed taxpayer who tums 42 years old at the end of

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Required Information [The following information applies to the questions displayed below] Elvira is a self-employed taxpayer who tums 42 years old at the end of the year (2022). In 2022, her net Schedule C income was $130,000. This was her only source of income. This year, Elvira is considering setting up a retirement plan. What is the maximum amount Elvira may contribute to the self-employed plan in each of the following situations? Note: Round your intermedinte calculations and final answers to the nearest whole dollar amount. b. She sets up an individual 401(k). Answer is complete but not entirely correct

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