Viviana is a self-employed Therapist whose 2019 net earnings from her trade or business (before the...
Viviana is a self-employed Therapist whose 2019 net earnings from her trade or business (before the H.R. 10 plan contribution but after the deduction for one-half of self-employment taxes) is $220,000. What is the maximum contribution that Viviana can make on his behalf to her H.R. 10 (Keogh) plan in 2019?
Homework Answers
Ans: As per IRS For Year 2019 if someone is self employed, & Keogh account is only retirement plan, their contribution limit is $56000 or 100% of eligible compensation whichever is lower and here among the two $56,000 is the lower one therefore maximum contribution that Viviana can make on his behalf to her H.R. 10 (Keogh) plan in 2019 will be $56,000
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