Evelina, age 44, contributes the maximum allowable $23,000 in 2024 to the 401(k) plan at her primary job. She also runs a side business. For her side business, Evelina is not allowed to make any employee contributions to a retirement plan this year due to having reached the maximum employee contribution limit. However, she is still permitted to make employer contributions to a SEP she established for her side business.
Which of the following statements is correct regarding Evelina's retirement plan contributions?
a.
Evelina can contribute additional employee amounts to a SEP for her side business, but only up to the $23,000 limit.
b.
Evelina is allowed to make employee contributions to a SEP for her side business, but not to exceed the 2024 limit of $23,000.
c.
Evelina is not allowed to make any contributions to a SEP for her side business this year due to the employee contribution limit being reached.
d.
Evelina can make employer contributions to the SEP for her side business, even though she has reached the maximum employee contribution limit.