Reggie is a self-employed taxpayer who turns 59 years old at the end of the year (2019).
Question:
Reggie is a self-employed taxpayer who turns 59 years old at the end of the year (2019). In 2019, 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 selfemployed plan in each of the following situations?
a. He sets up a SEP IRA.
b. He sets up an individual 401(k).
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
McGraw Hills Essentials Of Federal Taxation 2020 Edition
ISBN: 9781260433128
11th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
Question Posted: