08-07-2003, 05:42 AM
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 Re: How to kill a Keogh ??? Harlan Lunsford <hlunsfordnoway[at]bellsouth.net> wrote: - quote - > Simple. Just roll it over into an IRA.
In all of the situations I'm dealing with, the taxpayer isunder age 59.5 and still working, and the existing plans do NOT allow for "in service" withdrawals. Therefore, it is my understanding that the only way to structure an immediate rollover without penalty would be by way of terminating the plans (and/or terminating the business). MTW << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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08-06-2003, 12:09 PM
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| Re: How to kill a Keogh ??? Michael T Wing CPA wrote: - quote - > I've got a handful of clients with single participant
Simple. Just roll it over into an IRA. Then you can open> defined contribution Keogh plans who would just ~love~ to > kill them and substitute a SEP-IRA instead (now that > contribution rates are equivalent). But, my understanding is > that you ~generally~ cannot set up a SEP (at least not > without specific IRS approval) so long as you have any other > type of retirement plan in place. > So, what is the easiest way to "officially" kill a Keogh? To > the best of my knowledge, this would require a ruling from > the IRS, meaning the submission of reams of paperwork, > payment of a user fee, and a substantial time delay. Major > bummer! Has anyone figured out an easier method? > I've been hoping that since the SEP and Keogh rules are now > substantially equivalent, the IRS would invent a simplified > "check the box" procedure. But, alas, I don't see that on > the horizon... the SEPP-IRA maybe with same institution and use that rolledover IRA as THE IRA for SEP purposes. Ask them. Cheer$, Harlan Lunsford, EA in LA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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| keogh, kill |
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| Re: How to kill a Keogh ??? JanZtaxNOSPAM: > I've got a handful of clients with single participant > defined contribution Keogh plans who would just ~love~ to > kill them and substitute a... | Taxes | 1 | 08-07-2003 05:42 AM | |
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