Join Early Retirement Today
Reply
 
Thread Tools Display Modes
Keough to IRA rollover
Old 05-09-2006, 04:35 AM   #1
Full time employment: Posting here.
 
Join Date: Jan 2004
Posts: 851
Keough to IRA rollover

Hi guys.

I am thinking now that I've been retired a bit, my self-employed Keough (money purchase/profit sharing) plan should be rolled over to an IRA.

My plan is to keep it at the same financial institution.

My question is, are there any IRS forms that need to be filled out or filed? Or just the rollover forms themselves?
farmerEd is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: Keough to IRA rollover
Old 05-09-2006, 03:46 PM   #2
Moderator Emeritus
Martha's Avatar
 
Join Date: Feb 2004
Location: minnesota
Posts: 13,228
Re: Keough to IRA rollover

I believe that you report the rollover on form 1040, line 15 or 16, depending on the nature of the plan you are rolling over into the IRA. See this IRS publication: http://www.irs.gov/publications/p590/index.html

and the instructions for form 1040, http://www.irs.gov/pub/irs-pdf/i1040.pdf
__________________
.


No more lawyer stuff, no more political stuff, so no more CYA

Martha is offline   Reply With Quote
Re: Keough to IRA rollover
Old 05-09-2006, 05:11 PM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
 
Join Date: Apr 2003
Location: Hooverville
Posts: 22,983
Re: Keough to IRA rollover

Quote:
Originally Posted by OldMcDonald
Hi guys.

I am thinking now that I've been retired a bit, my self-employed Keough (money purchase/profit sharing) plan should be rolled over to an IRA.

My plan is to keep it at the same financial institution.

My question is, are there any IRS forms that need to be filled out or filed? Or just the rollover forms themselves?
Could you explain the advantages of rolling it over? Can't it just contiinue on, without any news funds added? I hope so, 'cause that is what I have been doing.

Ha


Ha
__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
haha is offline   Reply With Quote
Re: Keough to IRA rollover
Old 05-09-2006, 05:23 PM   #4
Full time employment: Posting here.
perinova's Avatar
 
Join Date: Apr 2006
Posts: 528
Re: Keough to IRA rollover

I can see one advantage in rolling over is that you won't have to file form 550 any more. Do you still have to file if you are not adding money in?

Other than simplifying your finances by cmobining retirement plans.
perinova is offline   Reply With Quote
Re: Keough to IRA rollover
Old 05-09-2006, 05:29 PM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
 
Join Date: Apr 2003
Location: Hooverville
Posts: 22,983
Re: Keough to IRA rollover

Quote:
Originally Posted by perinova
Do you still have to file if you are not adding money in?
Yes, you do. I have been told that Keo, like 401K, is more out of harms way than an IRA judgment-wise.

Ha
__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
haha is offline   Reply With Quote
Re: Keough to IRA rollover
Old 05-10-2006, 07:31 AM   #6
Moderator Emeritus
Martha's Avatar
 
Join Date: Feb 2004
Location: minnesota
Posts: 13,228
Re: Keough to IRA rollover

Quote:
Originally Posted by HaHa
Yes, you do. I have been told that Keo, like 401K, is more out of harms way than an IRA judgment-wise.

Ha
I believe that a Keogh which has participants which includes employees other than a husband/wife business owner is an ERISA qualified plan, thus exempt from creditors in any amount, no matter what state you live in.

A Keogh which only includes the business owner may not be considered an ERISA qualified plan.

Under federal bankruptcy law, non ERISA plans like an IRA are exempt up to a million dollars. If you don't file bankruptcy, then your state law will goven the extent your non-ERISA plan is exempt.
__________________
.


No more lawyer stuff, no more political stuff, so no more CYA

Martha is offline   Reply With Quote
Reply

Tags
ira


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
IRA Rollover Jake46 FIRE and Money 11 02-06-2007 09:45 PM
401k to IRA rollover problem Andre1969 FIRE and Money 3 01-04-2007 12:17 PM
IRA Rollover yAyA Young Dreamers 7 10-16-2006 09:18 AM
Rollover IRA just like Traditional? frujinator FIRE and Money 4 04-06-2006 12:12 PM
Trade stocks in my rollover IRA? One4g Young Dreamers 1 01-30-2006 12:00 PM

» Quick Links

 
All times are GMT -6. The time now is 03:50 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.