Can I take more money from 72T

L1: Can I take more money from 72TI started a 72t in January 2007. I would like to increase the amount of money I get each month. Is this possible?. I was told by my broker that I cannot make any changes on it without being penalized and I may have to pay back what I received. I am 53 1/2 now. 2009-09-22 14:35, By: vegala, IP: [209.137.140.2]
L2: Can I take more money from 72TThe only change that you can make would be to make a one-time switch to the Minimum Distribution method which would most likely decrease your distribution amount.
If you make any other change, you will bust the plan and owe penalties and interest on previous plan withdrawals.
2009-09-22 14:43, By: Gfw, IP: [216.80.125.206]

L3: Can I take more money from 72THOWEVER, based upon the Benz case, you may be able to take additional amounts for specific purposes that are eligible for other exceptions to the 10% penalty for early distributions (i.e. higher education tuition, medical insurance premiums, medical expenses, etc.)
What do you want/need the additional amounts for ?
Further, you misunderstood your broker. If you “bust” your plan, you do not owe the money back to the plan. But you are then subject to a 10% penalty on the CUMULATIVE amount of your distributions since you started the plan in Jan 2007.2009-09-22 16:01, By: dlzallestaxes, IP: [72.78.110.230]

L4: Can I take more money from 72TI agree with the foregoing posts, but if you need more funds, the only painless way to get them is to start a second 72t plan from a different IRA account. If you don’t have another IRA, perhaps you have an old 401k plan that you could directly roll to an IRA.
Those are the only ways to get higher distributions without incurring the retroactive penalty plus interest. If you have no other source, and since you need more funds after only two years into a plan that must last another 6+ years, you may need to consider busting your plan which will result in penalties on your 2007-2009 distributions.
If you need more money than the current calculations for a new plan will yield, you could partition the IRA into two accounts, set up a new SEPP with one of them and use the other to supplement your distribution. The non SEPP account distributions will be penalized, but at least you would avoid the penalty on the other SEPP account. It is possible that some portion of the non SEPP account distribution might qualify for a penalty exception using other exceptions such as certain medical costs, higher education etc. A list of all the exceptions in on p 53 of Pub 590.2009-09-22 18:41, By: Alan S., IP: [24.116.165.60]