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Keogh Catchup Contributions

N411BC
Level 3

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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3 Comments 3
qbteachmt
Level 15

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
Level 15

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

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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