I opened this plan years ago when I was earnings far more than I am now. In my early 40s.
Website showing this type of account:
https://www.fidelity.com/retirement-ira/small-business/compare-plans
My questions are several fold. I have not contributed to this account in years. On an annual basis I fill out a form 5500 EZ per the law.
1) If I close the LLC related to this account (I am the only member) do I have to close this Individual 401(k)? Or can it just stay open with me doing form 5500 EZ's every year and no new contributions?
2) Fidelity says relating to "Access to Assets" - "Cannot take withdrawals from the plan until a "trigger" event occurs, such as turning age 59½, disability, and/or plan termination" Can someone with deep knowledge explain this to me. I am the only member, and could theoretically close the account whenever I want. Does this mean I get penalty free access to funds before 59 1/2 by simply terminating the plan? At what point are taxes paid?
3) If I wanted to roll over this money to a traditional IRA, can I? And could I do so in a "direct" fashion as to not pay taxes now?
4) What are major (or subtle) considerations I should be giving to this decision that may not be obvious.
Thanks!
Submitted April 12, 2019 at 01:35PM by ___11___ http://bit.ly/2UwztQ8
