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|Subject: Re: Can I have an IRA if I have a KEOGH?||Date: 2/17/2001 6:50 AM|
|Author: TMFPixy||Number: 27955 of 82022|
Greetings, Pekinrobin, and welcome. You asked:
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.
You will find the answer in our IRA area at http://www.fool.com/money/allaboutiras/allaboutiras.htm and in IRS Publication 590 (Individual Retirement Arrangements) available at http://www.irs.ustreas.gov/forms_pubs/pubs.html.
Even if you have a Keogh, as a single filer you may contribute to a deductible traditional IRA for tax-year 2000 when your AGI is $42K or lower. Between $32K and $42K part of the contribution is deductible. Above $42K nothing is. The same range for joint filers is $53K TO $63K.
Want to see if you're eligible? Check out our nifty, new IRA contribution calculator at http://www.fool.com/ira/2001/ira.htm?ref=prmptp
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