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****** Scenario 2: Self-Employed Retirement Plan Options Sole Proprietorship...

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Accounting

******
Scenario 2: Self-Employed Retirement Plan Options
Sole Proprietorship Business Income: $140,000
Age: 48
No existing retirement plans
Interest and Dividend Income: $800
Itemized Deductions: $18,000
Allowable deduction for self-employment tax: $11,000
Questions:
Compare the potential contribution limits and impact on taxable income for:
SEP IRA
Solo 401(k)
Discuss factors to consider when choosing the right plan.

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