Question: Briefly describe the tax provisions of 401 k plans and Keogh
Briefly describe the tax provisions of 401(k) plans and Keogh plans.
Answer to relevant QuestionsDescribe and differentiate between Keogh plans and individual retirement arrangements. What’s the difference between a nondeductible IRA and a Roth IRA?How does income needs fit into the retirement planning process?Describe the three basic types of IRAs (traditional, Roth, and nondeductible), including their respective tax features and what it takes to qualify for each. Which is most appealing to you personally? Explain.What are the main differences between fixed and variable annuities? Which type is more appropriate for someone who is 60 years old and close to retirement?Explain these terms:(a) Intestacy(b) Testator(c) Codicil(d) Letter of last instructions.
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