recalculation

L1: recalculationQuestion:
I set up an IRA annuity on a 72 transfer three years ago in order to have the annual distribution pay for a life insurance premium. The account balance at transfer from an old 401k to the annuity was $50k. The distribution was calculated at somewhere between 5-7%, I cant remember exactly which. The distribution was in the neighborhood of $3500. Over the last three years the account balance has dropped precipitously, along with two $3,500 distributions.
I was informed thatI as 72t participant have the one time opportunity to recalculate the amount distributed. I wasnt informed of an actual recalculation, but merely asked what amount I would now like to have distributed. I chose to have $1,600 distributed annually. I was just informed as I asked about surrender charges waived, that there is an actual recalculation process that I wasnt aware of or informed of.

Could you provide me the ruling or instruction that I must follow so that I may stay within IRS guidelines for 72t and the recalculation process.

Thanks,

Dave Wilson2003-10-07 09:28, By: Dave, IP: [127.0.0.1]

L2: recalculationCheck the links in the left menu – look for Rev. Rul. 2002-62 and the Minimum Distribution option. You can also get a general idea from our calculators.
No one can just make the change for you – you must have signed something authorizing the change.
With that said, you may have a bit of a problem and you may want to do a little research or find some help – the onetime change to the MD method doesn”t allow for the selection of an amount – the distribution is based on your life expectancy and is recalculated annually.2003-10-07 16:08, By: Gfw, IP: [127.0.0.1]