Guest Theresa Posted October 4, 1999 Posted October 4, 1999 We have a client who, without our knowledge transferred all assets to individual IRA's, my question is how would I complete the Form 500-C/R, considering there are no participants at the end of the year and zero assets? Apparently no amendments had been drawn up to terminate the plan.
Guest Dook Posted October 4, 1999 Posted October 4, 1999 Well OF COURSE they did an amendment and Board Resolution to terminate the plan. Don't you remember? (wink, wink) And they did all of the IRA ROLLOVERS based on distribution requests received from each participants, right? And all of these rollovers will be reported on Form 1099 to the IRS, right? Since all of this is true, all you have to do is indicate that this is the final 5500 filing for the plan, and all assets were distributed from the plan during the year. Uh-huh!
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