Kathy is 60 years of age and self-employed. During 2018, she reported $520,000 of revenues and...
Kathy is 60 years of age and self-employed. During 2018, she reported $520,000 of revenues and $104,000 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 2018? (Round your final answer to the nearest whole number)
Homework Answers
OPTION D
Maximum amount Kathy can contribute to an individual 401(k) for 2018 = $61,000 (55000+6000).
The maximum contribution for individual 401(k) solo in 2018 is $55000. Generally it is for younger up to 50, individuals with 50 more can add up to 6000 extra technically called catch up.
Therefore in 2018 a individual maximum amount that she can contribute is $61000
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