Topic

Keogh Rollover to IRA

Is there any disadvantage to rolling a single participant Keogh plan into and IRA . I maintain the plan and do all the reporting ... 5500 forms myself.

 

regards

Randy

kits asked · 06/29/2010
Re.
  • #1
  • Randy, I had a SEP IRA before. My GE capital advisor handled all the paper work. Based on what he told me, the main differences are the contribution limit and paper work. For Keogh, you need to do filing all by yourself. If you are ending your Keogh, I believe it is a great idea to roll over to IRA. You'll save a ton of paper work. No downside as far as I can tell. Just my 2 cents
    jcf · 07/02/2010 02:54:18
  • #2
  • yes planning on ending Keogh and the reporting paperwork which is going electronic after this year. Fidelity people agree its a good idea , possibly lose some protection from creditors in a IRA , if that problem every arose.
    kits · 07/02/2010 09:29:50
  • #3
  • Unless you have over $1m assets, a bankruptcy court would exclude that amount of assets in IRAs. It is pretty safe to me (well under $1m) to be in IRA. I read this article: http://www.journalofaccountancy.com/Issues/2006/Jan/ProtectRetirementAssets.htm
    jcf · 07/02/2010 16:09:03
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