Kathy is 48 years of age and self-employed. During the year 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) $77,351.
B) $83,351.
C) $60,000.
D) $54,000.

Question

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The Answer of Kathy is 48 years of age and self-employed. During the year 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) $77,351.
B) $83,351.
C) $60,000.
D) $54,000.

Kathy Is 48 Years of Age and Self-Employed