HR 10 Plan

[RLymanC]

Can anyone help on how to report withdrawls from an HR 10 Plan. It's an old self employment retirement plan.

It seems to be an annuity, wondering if the Simplified General Plan should be used on the distributions?

The owner and admin of the plan is the taxpayer as I understand it, and is supposed to generate his own 1099-R.

[veritas]

What you have is what we call a Keogh plan. Named after guess what? Senator Keogh.

There is some information on pg 13-18 of TTB.

Insurance ppl set these things up alot in the 70's. They loved the money they got but many times the annual paperwok was never filed. I am speaking about form 5500 or 5500EZ.

Somebody needs to help me because I can't remember if an owner/employee can use the 10 year averaging method on a lump sum distribution. I'm thinking not but again I can't remember.

Otherwise distributions would be required at age 701/2 based on life expectancy.

Or rollover to IRA.

[Bees Knees]

Keogh plans set up for self employed people do qualify for 10 year averaging. However, 10 year averaging only applies to participants who were born before January 2, 1936.