Milton, age 38, earns $170,000 per year. His employer, Dumaine Consulting sponsors a qualified profit...
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Milton, age 38, earns $170,000 per year. His employer, Dumaine Consulting sponsors a qualified profit sharing 401(k) plan and allocates all plan forfeitures to remaining participants. If in the current year, Dumaine Consulting makes a 20% contribution to all employees and allocates $4,000 of forfeitures to Milton's profit sharing plan account what is the maximum Milton can defer to the 401(k) plan in 20207 a. 553,000 b. $19,500 C. $0 d. 519,000
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