Elvira is a self-employed taxpayer who turns 42 years old at the end of the year (2022).
Question:
Elvira is a self-employed taxpayer who turns 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?
a) She sets up a SEP IRA.
b) She sets up an individual 401(k).
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a The maximum amount 55000 25 5000 b The maximum amou...View the full answer
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Related Book For 
Taxation Of Individuals And Business Entities 2023 Edition
ISBN: 9781265790295
14th Edition
Authors: Brian Spilker, Benjamin Ayers, John Barrick, Troy Lewis, John Robinson, Connie Weaver, Ronald Worsham
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