The Motley Fool Discussion Boards

Previous Page

Investing/Strategies / Retirement Investing


Subject:  Can I have an IRA if I have a KEOGH? Date:  2/16/2001  8:13 PM
Author:  pekinrobin Number:  27950 of 88472

Can someone point me to a place where I can get this question answered? I am self-employed and I have a KEOGH. Every year I put the max allowable contribution in the KEOGH. This year I had a terrible year in my business and had a very low income. So the max I can put in my KEOGH is also very low.

I noticed when doing my partner's income tax this year that since his AGI was below 42K after putting the max in his employer's retirement plan, he was also allowed to contribute to his IRA this year.

Can I do the same thing even though I am my own employer? Thank you if you can point me to the right publication. I have a great deal of trouble getting sense out of the IRS and have no faith they will answer my question before April. 16. Usually whenever I've had a question I've had to find my own answer and then prove it to them. :-(

Unfortunately I am in a very specialized line of business and there are no accountants in my area that can do my taxes properly. There are damn few in the nation that do them in my area, and none that I know of that I can afford. So I don't know how to ask what seems like, should be, a simple question.
Copyright 1996-2018 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us