KEOGH PLAN (FAM)

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Noncontractual Keogh Plans are tax-sheltered accounts set up by an individual for retirement purposes.

Treatment: Countable Resource. Deduct the penalty for early withdrawal and count the remainder as a resource.

A contractual Keogh Plan is a tax-sheltered account set up by an employer that does not allow the employee to withdraw any money.

Treatment: Excluded Resource