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N
N411BC
Level 3
May 13, 2021
Question

Keogh Catchup Contributions

  • May 13, 2021
  • 2 replies
  • 11 views

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.

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2 replies

qbteachmt
qbteachmt
Level 15
May 13, 2021

Are you being limited by the earnings?

Read this as a review: https://www.fool.com/retirement/plans/keogh-plan/

 

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sjrcpa
sjrcpa
Level 15
May 13, 2021

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
    qbteachmt
    Level 15
    May 13, 2021

    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

     

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