Mrs. Connelly, a self-employed individual, maintains a defined-contribution Keogh plan. Regardless of the amount of her self-employment income, Mrs. Connelly may contribute $51,000 to the Keogh plan in 2015.

Question

Quizplus · Accepted Answer

The contribution limit for a defined-contribution Keogh plan in 2015 was the lesser of $53,000 or 100% of earned income, not a fixed amount of $51,000.

Mrs Connelly, a Self-Employed Individual, Maintains a Defined-Contribution Keogh Plan