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Investing/Strategies / Retirement Investing
|Subject: Re: keogh/profit sharing plan???||Date: 1/6/2000 7:31 AM|
|Author: TMFPixy||Number: 17421 of 80184|
Greetings, Tisha, and welcome. You asked:
<<My husband set up a 401K (I thought) through his work. I was fine (very happy!) with that.
It turns out that it's a keogh profit sharing plan.
What in tarnation is this exactly???
What is the maximum he can contribute to it yearly?>>
A Keogh is a qualified retirement plan for the self-employed. For a general description, see my Foolish Retirement Plan Primer at http://www.fool.com/Retirement/Retirement.htm. You should also read IRS Publication 560 (Retirement Plans for Small Business) available at http://www.irs.ustreas.gov/prod/forms_pubs/index.html. Both will give you a good overview that should answer your questions.
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