Elvira is a self-employed taxpayer who turns 42 years old at the end of the year (2016).
Question:
Elvira is a self-employed taxpayer who turns 42 years old at the end of the year
(2016). In 2016, her net Schedule C income was $120,000. 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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Related Book For 
McGraw-Hill's Taxation Of Individuals
ISBN: 9781259729027
2017 Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
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