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Hope is a self-employed taxpayer who turns 54 years old at the end of the...

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Accounting

Hope is a self-employed taxpayer who turns 54 years old at the end of the year (2015). In 2015, her net Schedule C income was $120,000. This was her only source of income. This year, Hope is considering setting up a retirement plan. What is the maximum amount Hope may contribute to the self-employed plan in each of the following situations? Hope is a self-employed taxpayer who turns 54 years old at the end of the year (2015). In 2015, her net Schedule C income was $120,000. This was her only source of income. This year, Hope is considering setting up a retirement plan. What is the maximum amount Hope may contribute to the self-employed plan in each of the following situations?

b. She sets up an individual 401(k).

maximum contribution?

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