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Recalculating 72t

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ByJim

L1: Recalculating 72tI”m trying to determine what my client will have to withdraw from his IRA by switching to the Minimum Distribution Method, and your 72t RR 2002.62 calculator brings up two new questions.
1. What amount goes in the Total IRA Account Balanceand Amount Allocated to SEPP Plan entries? Do I use the original value when the 72t was originally set up or do I use the current balance or 12-31-03 balance?
2. Your chart & table show a 5-year withdrawal plan. But my client is 59 now and we want to terminate 72t either at his age 59 1/2 (6-17-04) or at the end of 2004 (see my post “When isthe clientreally over59 1/2?) If the one-time recalculation is done now, can we still terminate on age or do we have to start a new 5-yeaar time line?
Jim2003-12-22 15:37, By: Jim, IP: [68.1.147.61]

L2: Recalculating 72t1 = Balance as of 12/31/03.2 = Use the last payment date calculator in the left menu.
2003-12-23 06:05, By: Gfw, IP: [172.16.1.70]

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