KEOGH


T

Tom Becker

I collected some fees years ago when I
settled an estate for a friend of mine. Since they
could be treated as self-employment income, I opened up a
KEOGH account and deposited the fees.

Can I close this out easily and roll the $$ into an IRA or
some other tax free vehicle?? The accounting paperwork
on the KEOGH is crazy.

(e-mail address removed)
 
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H

HW \Skip\ Weldon

Can I close this out easily and roll the $$ into an IRA or
some other tax free vehicle?? The accounting paperwork
on the KEOGH is crazy.
Last year I closed my Keogh and transferred it to a SEP-IRA. While
there was paperwork (closing the Keogh and opening the SEP), I viewed
it as something I only would do once - as compared to annually with
the Keogh.

You might call the custodian to whom you will transfer and ask for a
copy of the IRA application and any forms involved with the transfer.
Also ask if there is someone you can call with questions. In fact,
the ability to call with questions may be a deal breaker. I'd search
until I found someone who did that. (Most of the big fund families
(Fidelity, Vanguard, T. Rowe Price, etc. provide good assistance.)

Ditto for closing the Keogh - ask for a copy of the forms and check
them out. If the custodian you are leaving won't help with questions,
you might post them here.

One suggestion: I kept my SEP at the same place as my Keogh had been,
which made for a smoother transition. You might consider that.

-HW "Skip" Weldon
Columbia, SC
 

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