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Author: hghcpa Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 123159  
Subject: Re: Required Tax Status for Keogh Date: 11/24/1999 6:21 PM
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My question is, is this information complete on the 'statuatory employee' status? Also, is such an employee eligible for Keogh?
I do not have my reference material available but IIRC the four situations mentioned above are the only ones on which statutory employee would be allowed.

Statutory employees report their wages just like any other employee but they are allowed to deduct their direct expenses on a schedule C, IOW they would not be subject to the 2% limitation on their expenses like a common law employee would.

To my knowledge they would not be eligible for KEOUGH since they will have no net earnings reportable on schedule C.

Roy - I look to you for clarification on this post if you please.


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