Comments on: Keogh Plan Account Holders May Be In Trouble http://www.consumerismcommentary.com/2007/07/30/keogh-plan-account-holders-may-be-in-trouble/ A premiere personal finance blog, established 2003. Within, Flexo discusses his own experiences with money, and he and other authors comment on a wide range of personal finance topics. Sat, 21 Nov 2009 16:42:00 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: Kirk http://www.consumerismcommentary.com/2007/07/30/keogh-plan-account-holders-may-be-in-trouble/#comment-139760 Kirk Tue, 11 Mar 2008 22:50:49 +0000 http://www.consumerismcommentary.com/2007/07/30/keogh-plan-account-holders-may-be-in-trouble/#comment-139760 The IRS is trying to make me pay a HUGE penalty for two of my retirement plans as I forgot to file the forms. My wife of 33 years had a brain tumor and passed away two years after discovery of the tumor. Were you able to have the IRS cancel the penalty? The IRS is trying to make me pay a HUGE penalty for two of my retirement plans as I forgot to file the forms. My wife of 33 years had a brain tumor and passed away two years after discovery of the tumor.

Were you able to have the IRS cancel the penalty?

]]> By: Jan Kitten http://www.consumerismcommentary.com/2007/07/30/keogh-plan-account-holders-may-be-in-trouble/#comment-117726 Jan Kitten Thu, 02 Aug 2007 20:10:46 +0000 http://www.consumerismcommentary.com/2007/07/30/keogh-plan-account-holders-may-be-in-trouble/#comment-117726 I was a self-employed cosultant from 1985 thru 1997 (Tax year). I have established a keogh money purchse plan with a large mutual fund company, I will call it MFC-1. I had funded my plan from Tax year 1985 thru 1991 with MFC-1. In calender year 1993, I established another keogh plan with MFC-2 and have funded that plan from Tax year 1992 thru 1997. I became permanently disabled in calender year 1997 and have not funded for the remaining years. I had less than 100,000 in my MFC-2 in 2006 and at the advice of MFC-2 converted MFC-2 keogh to SEP. I was filing 5500-EZ for the very first time to report my MFC-2 trans. While reading the instrucions for this form it indicated that I should have filed this form every year since my combined portfolio went over 100,000. While speaking with IRS I was told I have to pay 25 dollars a day fine from the date my portfolio went over 100,000. I have taken an extension to file 5500-EZ. When I stopped funding my MFC-1 in the calender year 1993, it had less than 100000 but it has grown significantly beyond that amount over the years. I have adopted MFC-1 and MFC-2 master plans. Howver I was never aware of this filing requirements... can someone please advice... Please send me info to my email address. Thanks a lot I was a self-employed cosultant from 1985 thru 1997 (Tax year). I have established a keogh money purchse plan with a large mutual fund company, I will call it MFC-1. I had funded my plan from Tax year 1985 thru 1991 with MFC-1. In calender year 1993, I established another keogh plan with MFC-2 and have funded that plan from Tax year 1992 thru 1997. I became permanently disabled in calender year 1997 and have not funded for the remaining years.

I had less than 100,000 in my MFC-2 in 2006 and at the advice of MFC-2 converted MFC-2 keogh to SEP.

I was filing 5500-EZ for the very first time to report my MFC-2 trans. While reading the instrucions for this form it indicated that I should have filed this form every year since my combined portfolio went over 100,000. While speaking with IRS I was told I have to pay 25 dollars a day fine from the date my portfolio went over 100,000. I have taken an extension to file 5500-EZ.

When I stopped funding my MFC-1 in the calender year 1993, it had less than 100000 but it has grown significantly beyond that amount over the years.

I have adopted MFC-1 and MFC-2 master plans. Howver I was never aware of this filing requirements… can someone please advice… Please send me info to my email address.
Thanks a lot

]]> By: Charles Buchanan http://www.consumerismcommentary.com/2007/07/30/keogh-plan-account-holders-may-be-in-trouble/#comment-117627 Charles Buchanan Mon, 30 Jul 2007 22:33:54 +0000 http://www.consumerismcommentary.com/2007/07/30/keogh-plan-account-holders-may-be-in-trouble/#comment-117627 I have been told that my grandchildren are not allowed to stretch my IRA over their lifetime if I have already started receiving distributions being over 70 1/2. Also, if they are able to do this, since my wife in the beneficiary and they are contingent beneficiary, if I die before her, are they then able to stretch the benefits at her death. I have been told that my grandchildren are not allowed to stretch my IRA over their lifetime if I have already started receiving distributions being over 70 1/2. Also, if they are able to do this, since my wife in the beneficiary and they are contingent beneficiary, if I die before her, are they then able to stretch the benefits at her death.

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