Contribute to the self-employed plan

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Reference no: EM131852557

Reggie is a self-employed taxpayer who turns 59 years old at the end of the year (2017). In 2017, his net Schedule C income was $330,000. 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?

a. He sets up a SEP IRA.

Maximum amount contributed:

b. He sets up an individual 401(k).

Maximum amount contributed:

Reference no: EM131852557

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