Funded by the Illinois Soybean Association checkoff program.

Scott Newport

Retirement Plans for Farm Operators

While 2020 was a challenging year in many ways, farm incomes were relatively strong in parts of the Midwest. These income levels often give rise to a search for a tax deferred retirement plan. There are several options available, however, the retirement plan space can be very complex. The following is a synopsis of some of the more common retirement plan options followed by a table that outlines the characteristics of each type of plan. Individual Retirement Account - IRA IRAs are the least complex and most versatile.  The deduction is limited to the lesser of wages plus net [...]

By |March 15, 2021|
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