Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2020). In 2020, her net Schedule C income was $300,000. 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? (Round your intermediate calculations and final answers to the nearest whole dollar amount.) a. She sets up a SEP IRA. b.She sets up an individual 401(k).
Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2020). In 2020, her net Schedule C income was $300,000. 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? (Round your intermediate calculations and final answers to the nearest whole dollar amount.) a. She sets up a SEP IRA. b.She sets up an individual 401(k).
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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Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2020). In 2020, her net Schedule C income was $300,000. 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? (Round your intermediate calculations and final answers to the nearest whole dollar amount.)
a. She sets up a SEP IRA.
b.She sets up an individual 401(k).
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT