A tax deferred pension plan available to self-employed individuals or unincorporated businesses for retirement purposes. A Keogh plan can be set up as either a defined-benefit or defined-contribution plan, although most plans are defined contribution. Contributions are generally tax deductible up to 25% of annual income with a limit of $47,000 (as of 2007). Keogh plan types include money-purchase plans (used by high-income earners), defined-benefit plans (which have high annual minimums) and profit-sharing plans (which offer annual flexibility based on profits).Also known as an HR(10) plan, Keogh plans can invest in the same set of securities as 401(k)s and IRAs, including stocks, bonds, certificates of deposit and annuities. Keogh plans were established through legislation by Congress in 1962 and were spearheaded by Eugene Keogh. As with other qualified retirement accounts, funds can be accessed as early as 59.5 and withdrawals must begin by age 70.5. Keoghs are known to have more administrative burdens and higher upkeep costs than Simplified Employee Pension (SEP) plans, but the contribution limits are higher, making Keoghs a popular option for many business owners and proprietors.
A document published by the Internal Revenue Service (IRS) that provides guidance on how taxpayers are to treat income from pensions and annuities using the General Rule. The IRS breaks monthly income from pensions and annuities into two parts: a tax-free part made up of the money that was contributed by the individual, and a taxable part that represents the positive return on the investment. The General Rule is one of two methods used to calculate the tax-free part of a pension or annuity (the other being the Simplified Method, which is covered in IRS Publication 575). Individuals must use the General Rule if they receive income from a non-qualified plan, or plan that does not meet Internal Revenue Code requirements to receive the tax benefits of a qualified plan. IRS Publication 939 does not cover income from life insurance or individual retirement accounts (IRAs), and does not provide specific information on how to use the Simplified Method.
A document published by the Internal Revenue Service (IRS) that provides information on income tax rules for individuals who have retired from federal service. Retirement benefits for federal employees are paid by either the Civil Service Retirement System (CSRS) or the Federal Employee Retirement System (FERS). IRS Publication 721 covers survivor benefits, thrift savings plans, rollovers, federal estate taxes and the Simplified Method for calculating annuity benefits. Part of the benefits paid out is tax free, because they are contributions made by the employee, while the rest of the benefits are considered taxable. The tax-free part is a fixed number; the taxable part is the difference between the full amount and that which is not taxed.
A document published by the Internal Revenue Service (IRS) that provides information on individual retirement arrangements (IRAs), including how to set up an IRA, how to contribute, how much can be contributed, how to treat distributions and how to take tax deductions for contributions made to IRAs. IRS Publication 590 also provides information on penalties that taxpayers might face if IRA regulations are not followed properly. There are significant differences between the various retirement accounts covered in IRS Publication 590, including Roth IRAs and traditional IRAs, especially when it comes to the tax treatment of contributions. The IRS allows taxpayers who make eligible contributions to a IRA, 403(b), 401(k) or SEP to take a tax credit of up to $1,000.
A document published by the Internal Revenue Service (IRS) that provides information on how to treat distributions from pensions and annuities, and how to report income from these distributions on a tax return. IRS Publication 575 also outlines how to roll distributions into another retirement plan. IRS Publication 575 does not cover the tax treatment of funds from nonqualified plans, such as commercial annuities. Information on this treatment is available in IRS Publication 939 (General Rule for Pensions and Annuities). In addition, this publication does not cover benefits from retired government employees or their beneficiaries, which are covered in IRS Publication 721 (Tax Guide to U.S. Civil Service Retirement Benefits).
A document published by the Internal Revenue Service (IRS) that provides tax information for filers who have a 403(b) retirement plan. IRS Publication 571 indicates who can contribute to a 403(b) plan, the maximum contribution that can be made to a 403(b) plan during the year, rules regarding excess contributions, and the rules regarding rollovers or distributions. Contributions for a 403(b) plan are generally reported in an employee's W-2 by the employer, and do not need to be reported by the individual employee to the IRS. While IRS Publication 571 does provide some information on rollovers and distributions of 403(b) accounts, it does not get into specific details. Specifics for rollovers can be found in IRS Publication 590, and information on distributions in Publication 575.
A document published by the Internal Revenue Service (IRS) that provides information for business owners who wish to set up retirement plans for themselves and their employees. It outlines what type of plan to set up, how to set it up, how much can be contributed, how much is deductible, how to treat distributions and how to report information about the plan to both the IRS and to employees. IRS Publication 560 provides specific information for Simplified Employee Pension (SEP), SIMPLE IRAs, and qualified plans, which include Keoghs (for the self-employed) and 401(k)s. Contributions that a business owner makes to a personal plan or on behalf of the employees are typically allowed to be deducted. Each type of plan covered in the document has its pros and cons, and some plans are not available to employers of a certain size. IRS Publication 560 provides a quick reference chart to employers, which indicates the last date for contribution in the tax year, the maximum contribution that can be made to the plan, the maximum deduction allowed, and when the plan can be set up.
A document published by the Internal Revenue Service (IRS) that provides seniors with information on how to treat retirement income, as well as special deductions and credits that are available. IRS Publication 554 outlines what sources of income are taxable and nontaxable, including retirement plans, Social Security and insurance proceeds. The document also lists common itemized deductions, such as medical care, long-term care, nursing services, medicine and hospital services. Seniors who are at least 65 years old or are disabled may be entitled to a higher standard deduction than other taxpayers. In addition, the income threshold for a required tax filing is higher for individuals who are at least 65 years old. The IRS provides extra filing assistance to seniors, and provides volunteers who can help seniors complete their returns. Free tax counseling services are also available.
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