I have a client who has had a Keogh plan for her small business for a number of years. She is retiring now, wants to terminate Keogh plan and roll funds over into an IRA. Other than filing a final Form 5500-EZ, is there anything else that needs to be done??
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AllTaxedOut -
Nothing more if its a direct rollover.
However, if the client was born before January 2, 1936, you may want to consider a taxable lump-sum distribution that gets income averaging tax calculation and therefore have the money out of a retirement account at a low tax rate. Once its rolled to an IRA it would no longer qualify for lump-sum distribution averaging. -
.... and don't forget about 1099-R's and form 945. You should do them unless there is an outside custodian or trustee who is doing these things. -BobComment
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Money Purchase
If the Keogh had a money purchase componant it is a little tricky how you have to do it if the taxypayer had business income in the year of or year before termination.Comment
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