Ben earns a $138,000 salary this year and is a participant in a regular 401(k) plan in which he contributes the statutory limit of $20,500 (2022). He also reports $10,000 in gross self-employment income from book royalties. What is the maximum amount that Ben may contribute and deduct if his plan is a SIMPLE IRA? What is the maximum amount

Sep 8, 2023

Ben earns a $138,000 salary this year and is a participant in a regular 401(k) plan in which he contributes the statutory limit of $20,500 (2022). He also reports $10,000 in gross self-employment income from book royalties. 
What is the maximum amount that Ben may contribute and deduct if his plan is a SIMPLE IRA? 
What is the maximum amount that Ben may contribute and deduct if his plan is a SEP IRA?

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Ben earns a $138,000 salary this year and is a participant in a regular 401(k) plan in which he contributes the statutory limit of $20,500 (2022). He also reports $10,000 in gross self-employment income from book royalties. What is the maximum amount that Ben may contribute and deduct if his plan is a SIMPLE IRA? What is the maximum amount
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