Keogh is a pension plan that allows self-employed persons or small business owners to contribute a limited amount to a tax-deferred pension plan and deduct the amount of contribution out of his or her pre-tax earnings as allowable deductions.
The Keogh plan can be either a defined contribution retirement plan or a defined benefit plan. The contributable amount limits vary for both defined contribution plans and defined benefit plans. The amount may be different for each year, for example, in 2021 the maximum limit for defined contribution is up to 25% of the annual compensation a self-employed person receives or $58,000 whichever is lower. Whereas it is up to $230,000 in the case of defined benefit plans.
1. Using Your Personal Financial Plan Sheet 22, compare the
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