Kathy Is 60 Years of Age and Self-Employed

question 134

Multiple Choice

Kathy is 60 years of age and self-employed. During 2020 she reported $102,000 of revenues and $40,400 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 a SEP IRA for 2020? (Round your final answer to the nearest whole number.)

• A)$11,450.
• B)$17,154.
• C)$61,200.
• D)$54,200.