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Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76398  
Subject: Re: Keogh Date: 7/1/1998 10:34 AM
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Greetings, Meowiz, and welcome.

<<1) What is a Keogh, exactly? (I told you, very basic questions...!)

2) Why have a Keogh and IRA...to be able to put more away for retirement every year?

3) 26.77% sounds good to me.
Am I missing something faulty here?

4) When is this taxed? Are the capital gains taxed every year? What happens when I reach retirement age?

5) Any other insights about this?>>

Others have answered most of your questions. For info on Keoghs, SEPs, and SIMPLEs refer to our Foolish Retirement Plan Primer at this link: http://www.fool.com/retirement You should also get and read IRS Publication 560, Retirement Plans for Small Business (SEP, Keogh and SIMPLE Plans) available at: http://www.irs.ustreas.gov/prod/forms_pubs/index.html

Both will help you clarify your understanding of what's available and what you've got.


<<After reading all past msgs from this site on Keogh's, I have another question.....if I understood the comments correctly....if one earns more than 40K/year, and has a Keogh, their IRA is not tax deductible.

If we file taxes as married-joint filers, does this mean including my husband's salary, or just my own as far as deducting the IRA 2K if I also have a Keogh? >>

If your joint AGI is over $50K, then your IRA contribution is not deductible. Part is deductible if your AGI is between $40K and $50K. Also, if your spouse is not covered by the Keogh or by any employer's plan, then his IRA contribution is deductible in full until your joint AGI reaches $150K.


<< Since I am self-employed, and I arranged for the Keogh myself, do you mean I am the employer? (this reminds me of one of the old board msgs I read) By 'company', do you mean ME, or the American Funds investment company?>>

As a self-employed person, you are the employer and the plan sponsor even if you are the only participant.

Regards…..Pixy

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