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Article: SELF-EMPLOYED PERSON SHOULD CONSIDER KEOGH PLAN OR SEP-IRA.(Business)(PERSONAL FINANCE)
- Article from:
- Seattle Post-Intelligencer
- Article date:
- September 7, 2002
CopyrightCOPYRIGHT 2002 Seattle Post-Intelligencer. All rights reserved. Reproduced with the permission of the Dialog Corporation by Gale Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: ERIC TYSONCOLUMNIST
QUESTION: I run a successful small business. I do not qualify for a tax-deductible individual retirement account because I file jointly with my husband and our combined income exceeds the maximum amount allowed by the Internal Revenue Service. What can I do to shelter some of my income from taxes? My husband has a 403(b), which I don't understand.
ANSWER: For people who have access to a retirement account through their employers, the IRS completely disallows tax- deductible IRA contributions when their adjusted gross incomes exceed $64,000 for married couples filing jointly and $44,000 for single filers.
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