No. of Recommendations: 0
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.
Print the post  

Announcements

The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement