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new 72t custodian, .01 pm difference in taxes

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ByJude

L1: new 72t custodian, .01 pm difference in taxes Two years into my 72t, my advisor moved to a new financial serv co. My new online account shows my first distribution with themhas thecorrect gross distribution amount, but .01 per month morewill bewithheld in taxes. My take is this should not be a problem. Am I correct?
Thank you in advance.2007-09-20 13:30, By: Jude, IP: [24.128.126.188]

L2: new 72t custodian, .01 pm difference in taxesThe amount of tax withholding is immaterial, so not a problem.
However, there have been quite a few communication mixups when withholding is applied by the SEPP custodian. You should just make totally sure that the gross before tax distribution is correct, and particularly since you did a transfer that the correct full annual amount is distributed for the year. If you are getting monthly distributions, it should be set up early in the month so that you will have time to make any corrections in December. While you should closely monitor these distributions because of the change, the December checkup is crucial since that is the last chance to make adjustments if needed. At this time you should write down the exact amount of distributions taken from the former custodian, so you will have that part already confirmed.2007-09-20 21:16, By: Alan S., IP: [24.116.165.60]

L2: new 72t custodian, .01 pm difference in taxesAlan, thank you very much.2007-09-21 04:35, By: Jude, IP: [24.128.126.188]

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