Kathy is 60 years of age and self-employed. During 2022 she reported $117,000 of revenues and $43, 400 of expenses relating to her self-employment activities. If Kathy has no other retirement accounts in her name, what isthe maximum amount she can contribute to a SEP IRA for 2022 ?

Individual Retirement Account:An account set aside to save for retirement expenses by an individual…

Answered: Kathy is 60 years of age and…

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter5: Deductions For And From Agi

Section: Chapter Questions

Problem 9P

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Kathy is 60 years of age and self-employed. During 2022 she reported $117,000 of revenues and S43, 400 of expenses relating to her self-employment activities. If Kathy has no other retirement accounts in her name, what is the maximum amount she can contribute to a SEP IRA for 2022?