Matthew (48 at year-end) develops cutting-edge technology for SV Inc., located in Silicon Valley. In...
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Matthew (48 at year-end) develops cutting-edge technology for SV Inc., located in Silicon Valley. In 2020, Matthew participates in SVs money purchase pension plan (a defined contribution plan) and in his companys 401(k) plan. Under the money purchase pension plan, SV contributes 15 percent of an employees salary to a retirement account for the employee up to the amount limited by the tax code. Because it provides the money purchase pension plan, SV does not contribute to the employees 401(k) plan. Matthew would like to maximize his contribution to his 401(k) account after SVs contribution to the money purchase plan. (Leave no answers blank. Enter zero if applicable.)
Assume Matthew's annual salary is $71,500 and that he is 54 years old at the end of 2020. What amount can Matthew contribute to his 401(k) account in 2020?
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