Question

ony is a 45-year-old self-employed psychiatrist who has net earned income of $300,000 in 2021. what is the maximum amount he can contribute to his sep for the year?

Answer 1

The maximum amount the psychiatrist can put contribution claim to his Sep for the year is 56000.

What is contribution claim?

A lawsuit for financial damages filed by a plaintiff is known as a contribution claim when one or more defendants file one. A claim for contribution states that the party, who is typically a defendant, is entitled to "contribution" from a third party for any monetary damages granted to the plaintiff. For instance, if a homeowner is sued by a plaintiff for harm from a garage door, the homeowner could include the garage door's maker as a defendant to share in any damages the jury awards the plaintiff in proportion to the blame, liability, or fault each party bears. Claims for contributions are typically filed in the same litigation as the original one.

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