Fri 27th Apr 2012, 02:36
close Keough after halting contribs
I have a 10 years old corp just one employee ( me ), .
First two years the corp contributed to Money Purchase Keough ( required ).
I stopped contribs, did not terminate Keough, just left the funds in place. I just wrote a letter stating
corp will no longer make contribs.
Am closing company, have to complete Form 5500 which asks how many participants
and minimum required contribs made in this year. Not sure how to anser this ! I never filed 5500 before because
account is under 250K. Do I put 0 participants ??? Thank You, Mark
Fri 27th Apr 2012, 11:31
What specifically is the problem first why have you decided to stop making contrib to it? Are there any arguments? Perhaps a good agreement through meeting shall improve your discussion on it well.