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Keogh plan

• Also known as a HR-10 plan. A qualified tax-deferred retirement plan for persons who are self-employed and unincorporated or who earn extra income through personal services aside from their regular employment. See also: Individual Retirement Account.

• Is a retirement plan that can be established by a self-employed person. Currently, the maximum allowable annual contribution is $30,000. This contribution has benefits comparable to other qualified plans, such as IRAs. Among these are the reduction of income during the earned calendar year and tax-free growth or compounding until the time of withdrawal. It should be noted that other provisions apply.

 
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