Keoghs and IRAs
My husband has a Keogh plan. Is he also eligible for an IRA (individual retirement account) under the new tax law? -B.A.
Yes. Anyone is eligible for an IRA if they worked for a living. People who are self-employed qualify for both IRA and Keogh plans. You can deposit up to $ 15,000, or 15 percent of self-employment income, in a Keogh plan. And if you earned more than $2,000, you could also contribute up to $2,000 in an IRA, for a tax-sheltered total of $17,000 a year.