Inherited Keogh


S

susan

Newsgroups: misc.taxes.moderated

My husband was self-employed and had a Keogh Profit Sharing Plan at
the time of his death in 2002. He also had a traditional IRA of which
I was the sole beneficiary. After his death I did not roll these over
into my IRA. The Keogh is now set up in what is titled an Inherited
Profit Sharing Plan -- BDA in my name. The IRA is set up as an IRA BDA
(Beneficiary Distribution Account). Is it too late to move these into
traditional IRAs in my own name? If this cannot be done, are the rules
for taking yearly distributions from these two accounts the same -- or
is the Keogh different?
 
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B

Barry Picker

susan said:
My husband was self-employed and had a Keogh Profit Sharing Plan at
the time of his death in 2002. He also had a traditional IRA of which
I was the sole beneficiary. After his death I did not roll these over
into my IRA. The Keogh is now set up in what is titled an Inherited
Profit Sharing Plan -- BDA in my name. The IRA is set up as an IRA BDA
(Beneficiary Distribution Account). Is it too late to move these into
traditional IRAs in my own name? If this cannot be done, are the rules
for taking yearly distributions from these two accounts the same -- or
is the Keogh different?
There is no statutory time limit for effecting the rollover.
You should still be able to do it, but don't be surprised if
the custodian of the accounts gives you a hard time.

By the way, with the Keogh, it is most likely that you MUST
either do a rollover or take the entire account.

Barry Picker, CPA/PFS, CFP
 

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