Multiple Choice
Kathy is 48 years of age and self-employed. During 2020 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) ?
A) $57,000.
B) $63,500.
C) $77,221.
D) $19,500.
Correct Answer:
Verified
Correct Answer:
Verified
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