Keogh / IRA questions


K

kim shapiro

Keogh / IRA questions

For the Year 2002

1. If one has a balance over 100,000 in one's keogh plan and
the plan is a one person plan..one has to fill Keogh 5500 EZ
form.

What is the situation if one transfers some of the Keogh
money ( to a IRA account) and the balance is below 100,000.
Does one still have to file a 5500 EZ ?

2. Also now that one has a IRA account ..does one to file
any IRA forms ( like 5500 EZ)

Pls. let me know.

Thanks
 
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M

Michael T Wing CPA

Kim shapiro said:
What is the situation if one transfers some of the Keogh
money ( to a IRA account) and the balance is below 100,000.
Does one still have to file a 5500 EZ ?
It might trigger a disqualification of the Keogh plan if you
are under age 59.5 and your plan does not SPECIFICALLY allow
"in service" distributions. (I have never seen a Keogh plan
that actually allowed such distributions, although I believe
it is theoretically possible.)

In other words, unless you are very careful about what you
are doing, filing a 5500EZ will be the LEAST of your
problems. Have your plan reviewed by a qualified plan
specialist before taking further action.

MTW
 
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B

Barry Picker

kim shapiro said:
Keogh / IRA questions

For the Year 2002

1. If one has a balance over 100,000 in one's keogh plan and
the plan is a one person plan..one has to fill Keogh 5500 EZ
form.

What is the situation if one transfers some of the Keogh
money ( to a IRA account) and the balance is below 100,000.
Does one still have to file a 5500 EZ ?

2. Also now that one has a IRA account ..does one to file
any IRA forms ( like 5500 EZ)
Once a retirement plan (Keogh included) is obligated to
file, the obligation continues even if the value falls below
$100K. IRAs have no filing requirement on the part of the
account holder.

Barry Picker, CPA/PFS, CFP
 

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