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  Monday November 20, 2017

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WHO IS ELIGIBLE FOR A KEOGH?
Learn even more about this topic with the Encyclopedia of Personal Finance™

Keogh plans are designed for sole proprietors, and partners and their employees. Chances are, if you file a Schedule C or E for your tax returns, you are eligible for a Keogh. If you own a business or if you are a partner of a business that is not incorporated, you can open a Keogh. It's not enough to just be an owner, however; you must also perform personal services for the company. If you are a limited or retired partner in a business, a Keogh is not available to you.

If you own more than one unincorporated business, you must open a Keogh for each business. You cannot have a Keogh plan in one business but not the other. If you have a regular job but you also earn self-employed income, you can still save through a Keogh plan.

Self-employed ministers, consultants, or salespeople (who work for outside vendors) are examples of professionals who could open Keoghs. Salaried persons who work for corporations, however, would not be eligible unless they received income from self-employment.

The amount you can contribute to a Keogh depends on your earned income. Your self-employed earned income is based on your gross income, minus any deductions you file on your income taxes.

Now let's take a closer look at the employer's responsibilities to employees under a Keogh plan.




LEARN EVEN MORE WITH THE ENCYCLOPEDIA OF PERSONAL FINANCE. CLICK HERE!

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