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Required information [The following information applies to the questions displayed below.] Reggie...

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Accounting

Required information
[The following information applies to the questions displayed below.]
Reggie is a self-employed taxpayer who turns 59 years old at the end of the year (2023). In 2023, his net Schedule C
income was $300,000. This was his only source of income. This year, Reggie is considering setting up a retirement plan.
What is the maximum amount he may contribute to the self-employed plan in each of the following situations?
Note: Round your intermediate calculations to the nearest whole dollar amount.
a. He sets up a SEP IRA.
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