| Publication 560 |
2001 Tax Year |
Chapter 4
Qualified Plans
Qualified retirement plans set up by self-employed individuals are sometimes called Keogh or H.R. 10 plans. A sole proprietor or a partnership can
set up a qualified plan. A common-law employee or a partner cannot set up a qualified plan. The plans described here can also be set up and maintained
by employers that are corporations. All the rules discussed here apply to corporations except where specifically limited to the self-employed.
The plan must be for the exclusive benefit of employees or their beneficiaries. A qualified plan can include coverage for a self-employed
individual. A self-employed individual is treated as both an employer and an employee.
As an employer, you can usually deduct, subject to limits, contributions you make to a qualified plan, including those made for your own
retirement. The contributions (and earnings and gains on them) are generally tax free until distributed by the plan.
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