Multiple Custodians of IRA

L1: Multiple Custodians of IRA1. When you have mutliple custodians of IRA and you want your 72t payouts calculated on the accumulative total, how does it work for example if custodian A’s funds are depleted do you then switch to custodian B, then to C?
2. Or, do you have the choice of at that time to transfer funds from B to A, then C to A?
3. I know that the IRAs must be flagged somehow to show that they are part of a 72t payout schedule – do you know how this is done?2003-06-26 12:13, By: tricia, IP: [127.0.0.1]

L2: Multiple Custodians of IRAHello tricia:
1. Assuming all three IRAs (A,B &C) were originally defined as part of the SEPP IRA universe; then the distributions can come from any of the three in any proportion as meets the needs of the owner.
2. Assets can be freely transferred between A, B & C, again as meets the needs of the owner.
3. Actually, the SEPP IRAs are not flagged; instead the IRA custodian issues a 1099R each year reflecting the distributions which have occurred.
TheBadger
wjstecker@wispertel.net

2003-06-26 17:05, By: TheBadger, IP: [127.0.0.1]