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What amount must be returned to Joanna and by what date

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Reference no: EM132673206

Problem - Joanna, age 44, defers $23,500 in a qualified solo § 401(k) plan in 2019.

Required -

a. What amount must be returned to Joanna and by what date?

b. In what year will the amount be taxed?

c. What percent of the tax will be imposed on Joanna if excess contributions are not returned by what date?

Reference no: EM132673206

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