1. An S corporation is permitted to adopt a Keogh plan or a SEP IRA for its employees.

2. A deduction to a Keogh plan for the prior year is allowed as long as the plan is established and the contribution made by the due date of the return (including extensions).

3. A deductible IRA would convert tax-exempt municipal bond interest into fully taxable ordinary income.

4. IRA distributions may be made with no penalties prior to age 59 1/2 if: (1.) Made to a spouse age 59 1/2 or more, or (2.) If actual retirement occurred.

5. Contributions to defined contribution plans are capped at $260,000.

6. If a qualified pension plan is contributory, the annuitant may use either the "exclusion ratio" or the "cost recovery" methods of reporting.

7. Lump-sum distributions from qualified pension plans, but not from profit- sharing plans, may be rolled over to an IRA by the plan participant.

8. A plan participant may borrow the first $50,000 of the total vested account balance.

9. Unemployed individuals may be able to take early withdrawals from qualified pension plans to pay for medical insurance premiums without being subject to the penalty tax.

10. A married couple, both aged 50, with only one working spouse may contribute up to $13,000 to deductible IRA accounts in 2014.

11. Under the SIMPLE pension plans, employers must contribute an amount equal to 5 percent of their employees' earnings.

12. SIMPLE plans may be administered by companies with 100 or more employees earning $5,000 or more in the previous year.

13. Eligible employees may contribute up to $12,000 per year to their SIMPLE account.

14. Amounts contributed by employees to a SIMPLE are not subject to employment tax.

15. Contributions made by an employer to an employee's SIMPLE accounts are not generally deductible by the employer.

16. Employees may be subject to a fine of up to 25 percent of the amount withdrawn for early withdrawal from a SIMPLE.

17. Employer contributions to a SIMPLE do not vest until the employee has been in the plan for five years.

18. Tax-exempt organizations generally may establish 401(k) plans for their employees.

19. Qualified distributions from Roth IRAs are made free of tax.

20. For a non-qualified distribution from a Roth IRA, the distribution is deemed to come from direct contributions first.

21. A taxpayer whose spouse is covered at work under a qualified pension plan is generally not eligible to make a taxdeductlible contribution to an IRA.

22. Taxpayers may make penalty-free withdrawals from Coverdell education savings accounts to pay for qualified higher education expenses of the taxpayer, the taxpayer's spouse, and children and grandchildren of the taxpayer or the taxpayer's spouse.

23. An existing IRA may generally not be converted to a Roth IRA.