Description Couples filing jointly with adjusted gross incomes of up to $193,000 ($131,000 for single filers) can open this type of account, without regard to participation in an employer retirement program. This type of account can be opened by anyone without a retirement plan at his or her place of employment, regardless of income level. At age 70 1/2, you must start, except if have a Keogh account and are gainfully employed or you have a Roth IRA. Aimed at small-business owners, this plan is just like a Keogh plan. If you change jobs and take the money directly, you are subject to a 20% withholding tax.

Couples filing jointly with adjusted gross incomes of up to $193,000 ( $131,000 for single filers) can open this type of account, without regard to participation in an employer retirement program. This type of account can be opened by anyone without a retirement plan at his or her place of employment, regardless of income level. At age 701/2, you must start, except if have a Keogh account and are gainfully employed or you have a Roth IRA. Aimed at small-business owners, this plan is just like a Keogh plan. If you change jobs and take the money directly, you are subject to a 20% withholding tax