I work full-time for a company that offers no retirement plan, but can I establish a Keogh plan because I also work as a freelance consultant?
Keogh plans are qualified retirement plans for sole proprietorsships and partnerships. If you have such a business you can set up a Keogh plan. You can establish a Keogh plan if you make extra money working as a consultant or freelancer, whether this sideline involves computer consulting or selling photos or newspaper articles. Other offbeat sources of income that qualify you for a Keogh include income from a business partnership that files a Schedule K with the Internal Revenue Service, or membership on a board of directors that pays you for the time you serve. You also qualify for a Keogh if you own just about any type of business that requires you to file a Schedule C form when completing your annual income tax return.
