Hope is a self-employed taxpayer who turns 54 years old at the end of the year (2016).

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Hope is a self-employed taxpayer who turns 54 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, Hope is considering setting up a retirement plan.

What is the maximum amount Hope 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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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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Question Posted: Oct 11, 2024 05:04 AM

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Hope is a self-employed taxpayer who turns 54 years old at the end of the year (2016).

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McGraw-Hill's Taxation Of Individuals

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