Guest Dook Posted November 4, 1998 Posted November 4, 1998 An individual is a 100% owner of a corporation. He retired a year ago when he was 55 and stopped earning income through the corporation. The corporation still exists so that he can retain some group insurance benefits. The corporation maintains a profit sharing plan in which he and 1 other person have account balances. The question is; If the corporation now terminates the profit sharing plan, can he take some of his account balance out as taxable income without incurring the 10% penalty since he "terminated employment" when he was 55. The remaining amount of his account balance will be rolled to an IRA.
Recommended Posts
Archived
This topic is now archived and is closed to further replies.