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Rita is a self-employed taxpayer who turns 39 years old at the end of the...

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Accounting

Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2023). In 2023, her net Schedule C income was $270,000. This was her only source of income. This year, Rita is considering setting up a retirement plan.

What is the maximum amount Rita may contribute to the self-employed plan in each of the following situations?

a. She sets up a SEP IRA.

b. She sets up an individual 401(k)

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