Rita is a self-employed
Chapter5: Deductions For And From Agi
Section: Chapter Questions
Problem 3P: Karen, 28 years old and a single taxpayer, has a salary of $33,000 and rental income of $33,000 for...
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Transcribed Image Text:Rita is a self-employed taxpayer who turns 39 years old at the end of the
year (2023). In 2023, her net Schedule C income was $278,000. 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?
Note: Round your intermediate calculations and final answers to the
nearest whole dollar amount.
Problem 13-85 Part b (Algo)
b. She sets up an individual 401(k).
Maximum contribution
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