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What is a Keogh Plan?

April 26, 2017IRA keogh keogh plan keoghs Pension Plan plans retire retirement rollover

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What is a Keogh Plan?

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The Keogh Act of 1962 provided for tax-shelter retirement plans allowing self-employed individuals to defer current taxes on part of their earnings. If you are self-employed, the Act presently allows you to contribute 15% (up to $15,000) per year to a personal retirement fund. This percentage can be taken after you have deducted your business expenses, but before you have added up deductions for other expenses such as a mortgage interest and dependents.

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