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[The following information applies to the questions displayed below! Elvira is a self-employed taxpayer who turns 42 years old at the end of the year

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[The following information applies to the questions displayed below! Elvira is a self-employed taxpayer who turns 42 years old at the end of the year (2020). In 2020, her net Schedule 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? (Round your intermediate calculations and final answers to the nearest whole dollar amount.) b. She sets up an individual 401(k). [The following information applies to the questions displayed below! Elvira is a self-employed taxpayer who turns 42 years old at the end of the year (2020). In 2020, her net Schedule 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? (Round your intermediate calculations and final answers to the nearest whole dollar amount.) b. She sets up an individual 401(k)

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