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Author: pekinrobin Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75383  
Subject: Can I have an IRA if I have a KEOGH? Date: 2/16/2001 8:13 PM
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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.
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