John is 45 years old and earns $150,000 annually working for his employer. He also earns $30,000 annually in rental income and $25,000 in interest from a money market fund. He is unmarried.
What is the maximum contribution he can make to his 401(k) in 2024?
Question 7Answer
1.
$7.000
2.
$23,000
3.
$30,500
4.
$8,000