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17 January, 12:31

Harvey is a self-employed accountant with earned income from the business of $120,000 (after the deduction for one-half of his self-employment tax). He has a profit-sharing plan (e. g., defined contribution Keogh plan). What is the maximum amount Harvey can contribute to his retirement plan in 2019? $

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  1. 17 January, 12:54
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    The maximum amount Harvey can contribute to his retirement plan in 2019 is $30,000.

    Explanation:

    According to Keogh plan the maximum amount Harvey can contribute to his retirement plan in 2019 is 25% over the amount Harvey earned Or 53,000 Whichever is less.

    Thus,

    Harvey is a self-employed accountant with earned income from the business of $120,000 and its 25% is $30,000.
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