Could use some advice...
Back in the late 90's I opened a 401k for my solo consulting company. That 401k had Money Purchase and Profit Sharing Keough accounts at Fidelity. At some point in the 2000's the combined values of those two accounts exceeded $100k (neither was over $100k) - I believe it was the year before the limit increased to $250k for requiring 5500's. I wasn't aware of that requirement and didn't find out until years later when I closed that consulting firm. I then got a bit freaked out about the possible penalties and just left the accounts sitting there. Dumb, I know.
So, I need to finally deal with this. Can you confirm that it was the combined value of those two accounts that triggered the 5500 requirement? or did each account have to get to $100k? And if it is the combined value, how would you proceed? Send the final 5500 and hope for the best? Do the DVFC and pay the fines? Tear-stained letter begging forgiveness? Other options?
Thanks in advance for any guidance...
