Kathy is 60 years of age and self-employed. During 2023, she reported $504,000 of revenues and $100,800 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 an individual 401(k) for 2023? Assume she pays $30,597 in self-employment for 2023. Note: Round your final answer to the nearest whole number.
Kathy is 60 years of age and self-employed. During 2023, she reported $504,000 of revenues and $100,800 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 an individual 401(k) for 2023? Assume she pays $30,597 in self-employment for 2023. Note: Round your final answer to the nearest whole number.
Chapter9: Deduct Ions: Employee And Self-employed - Related Expenses
Section: Chapter Questions
Problem 38P
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Transcribed Image Text:Kathy is 60 years of age and self-employed. During 2023, she reported $504,000 of revenues and $100,800 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 an individual 401(k) for
2023? Assume she pays $30,597 in self-employment for 2023.
Note: Round your final answer to the nearest whole number.
Multiple Choice
O
O
O
$100,080
$73,500
$66,000
$92,569
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