Kathy Is 60 Years of Age and Self-Employed

Multiple Choice

Kathy is 60 years of age and self-employed. During 2017, she reported $500,000 of revenues and $100,000 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 2017? (Round your final answer to the nearest whole number)

A) $95,351.
B) $77,351.
C) $54,000.
D) $60,000.