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Brother (age 74 and drawing Soc Security) and I (age 63.5 & yet to draw ) are sole working partners (no employees) in real estate developement LLC which will begin to generate large 1065 profits for next 5-8 years. Without enough 1065 deductions, there will be big K-1 taxed distributions and S.E. tax (which neither of us will recover from small encreases in Soc Sec benefits). For more 1065 deductions, I recently heard that a Keogh Defined Benefit Plan excellant for older self employed but wonder if there is maximum age (such as 65) that retirement and defined benefit pymts must commence?
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