What is the maximum amount he may contribute to the self-employed plan i
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![[The following information applies to the questions displayed below.]
Reggie is a self-employed taxpayer who turns 59 years old at the end of the
year (2023). In 2023, his net Schedule C income was $270,000. This was his
only source of income. This year, Reggie is considering setting up a retirement
plan.
What is the maximum amount he may contribute to the self-employed plan in
each of the following situations?
Note: Round your intermediate calculations to the nearest whole dollar
amount.
a. He sets up a SEP IRA.
Maximum contribution](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa64cccec-3817-4721-b6f8-4c13f47a5453%2F498d6761-1612-41a8-afd4-e492f8737bd4%2Fggz491_processed.png&w=3840&q=75)
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