Question

Tax class question


[The following information applies to the questions displayed below.]

Elvira is a self-employed taxpayer who turns 42 years old at the end of the year (2021). In 2021, her net Schedule C income was $130,000. This was her only source of income. This year, Elvira is considering setting up a retirement plan. What is the maximum amount Elvira 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.)


Problem 13-78 Part a (Static)

a. She sets up a SEP IRA.  

b. She sets up an individual 401(k).



[The following information applies to the questions displayed below.]
 
Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2021). In 2021, 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.)


Problem 13-80 Part a (Static)

a. She sets up a SEP IRA.  


b. She sets up an individual 401(k).





0 0
Add a comment Improve this question Transcribed image text
Request Professional Answer

Request Answer!

We need at least 10 more requests to produce the answer.

0 / 10 have requested this problem solution

The more requests, the faster the answer.

Request! (Login Required)


All students who have requested the answer will be notified once they are available.
Know the answer?
Add Answer to:
Tax class question
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Similar Homework Help Questions
ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT