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Elvira is a self-employed taxpayer who turns 42 years old at the end of the year (2019). In 2019, her net Schedule C income was $130,000. This was her only source of income. This year, Elvira is considering setting up a retirement plan.
Required:
1. What is the maximum amount Elvira may contribute to the self-employed plan in the following situation?
(a) She sets up an individual 401(k).
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Elvira is a self-employed taxpayer who turns 42 years old at the end of the year (2019). In 2019, he...
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