Harlan Lunsford <lunstax[at]bellsouth.net> wrote:
- quote -

Thanks all!!

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Harlan Lunsford <lunstax[at]bellsouth.net> wrote:
- quote -

O.k with the distributions, A direct rollover is the way to
go, thanks all! andy

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Harlan Lunsford <lunstax[at]bellsouth.net> wrote:
- quote -

O.k with the distributions, A direct rollover is the way to
go, thanks all! andy

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Andy Green wrote:

- quote -

The best idea for now is to determine whether or not he has
been taking required distributions from this retirement
plan. A lot of people forget about such, and there can be
dire consequences if one forgets these requirements.

However, I quite agree. I had a Keough from my proprietary
days, but last year had it rolled over into an IRA, to
simplify things.

Cheer$,
Harlan Lunsford, EA n LA

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"Andy Green" <andygreen[at]optonline.net> wrote:

- quote -

First, you need to determine whether your dad should have
filing form 5500 each year or not. The penalty for not
filing a required 5500 is $25 PER DAY for each day the form
is delinquent.

Beyond the question of the 5500, it is usually a good idea
to roll an inactive Keogh into an IRA. Notice, however,
that I use the word "usually".

There are no tax consequences to rolling the Keogh into an
IRA. Make sure your dad takes his annual minimum
distribution (which hopefully he had been taking each year,
otherwise not taking the distribution creates a penalty)
before rolling over the balance.

Barry Picker, CPA/PFS, CFP

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My dad is 76 years old, he currently has a KEOUGH account at
Schwab. Every now and again he gets these notices about form
5500 from Schwab.. He went to Schwab, they told him he
should roll his KEOUGH into an IRA(direct rollover), as this
simplifies things, i.e. there are less forms to fill out for
the IRS. He no longer contributes to his KEOUGH or anything
for that matter. So is this a good idea, bad idea??, any tax
consequences, or anything to report? - any comments would be
greatly appreciated.

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