Kathy is 60 years of age and self-employed. During 2023, she reported $504,000 of revenues and $100,800 of expenses relating to her self- employment activities. If Kathy has no other retirement accounts in her name, what is the maximum amount she can contribute to an individual 401(k) for 2023? Assume she pays $30,597 in self-employment for 2023. Note: Round your final answer to the nearest whole number.

Kathy is 60 years of age and self-employed. During 2023, she reported $504,000 of revenues and $100,800 of expenses relating to her self- employment activities. If Kathy has no other retirement accounts in her name, what is the maximum amount she can contribute to an individual 401(k) for 2023? Assume she pays $30,597 in self-employment for 2023. Note: Round your final answer to the nearest whole number.

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter9: Deduct Ions: Employee And Self-employed - Related Expenses

Section: Chapter Questions

Problem 38P

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