Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2019).
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Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2019). In 2019, her net Schedule C income was $300,000. This was her only source of income. This year, Rita is considering setting up a retirement plan. What is the maximum amount Rita may contribute to the self-employed plan in each of the following situations?
a. She sets up a SEP IRA.
b. She sets up an individual 401(k).
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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
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