N411BC
Level 3
05-13-2021
04:03 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Are Keogh catchup contributions tax deductible? Client made $57K plus 6.5K Keogh contribution for $63.5 Total. SEP Worksheet allows max of $56,817 as deductible.
Labels
qbteachmt
Level 15
05-13-2021
04:16 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Are you being limited by the earnings?
Read this as a review: https://www.fool.com/retirement/plans/keogh-plan/
*******************************
Don't yell at us; we're volunteers
Don't yell at us; we're volunteers
sjrcpa
Level 15
05-13-2021
04:39 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
What kind of Keogh catchup do you think there is?
There is an over 50 additional contribution allowed for 401(k) deferrals.
Your basic SEP has no deferrals and $57K is the maximum annual addition.
The more I know the more I don’t know.
qbteachmt
Level 15
05-13-2021
04:48 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
SEP and Keogh are not the same, and the possibility for Keogh is three different types.
Another article:
https://www.investopedia.com/articles/investing/112315/sep-vs-keogh-plans-which-right-you.asp
*******************************
Don't yell at us; we're volunteers
Don't yell at us; we're volunteers
