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near the bottom

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Byoldcrow

L1: near the bottomHi everyone, a little background I retired from Verizon three years ago at age 52 with 33 years service and was showed the 72t program by a planner who was my insurance agent at first, who handled all employes in the Maryland,Northern Virginia and Washington DC area.I gave him my buyout and saving to invest for me, let me say he has 1100 investers from Verizon.I have talked to about 10-15 retires and we are all in the same bad spot.The problem now is I have lost about 250000 out of the 380000 that I invested.I have a couple of questions :1:Is there anyway to claim the lost2:Should I just ride out the balance until it’s gone 3:Or should I pull the money that’s left and pay the fines.Any Help Sure Would Be AppreciatedThanks2002-06-28 07:12, By: oldcrow, IP: [127.0.0.1]
L2: near the bottomThere really is no loss until the investment is sold. Unfortunately, because it is qualified money, real losses can not be carried forward to your tax return.#2 & #3 are a little more than what can be answered on a discussion board. We all hope there will be some movement by the IRS in the near future. See the article that I posted… Article Unfortunately, right now the timing and direction are unknown.Check with your advisor and have him/her estimate the tax and penalty – then you’ll be in a better position to make a decision.2002-06-29 09:12, By: Gfw, IP: [127.0.0.1]

L2: near the bottomDear oldcrow,After speaking directly w/the IRS I was given the following information:(1) Continue EXACTLY w/the plan you initally set-up until you no longer can take your monthly/yearly distributation.(2) It will do you no good to file the $600 PLR-the IRS will simply cite the rules of the 72t as they apply now.(3) The IRS will not come after tax/penality money if you run out of funds before the 5yr term is up (what I was told).Sad thing is you have to continue sucking up your retirement money. Write your congressman (not that it will do you any good)and make him/her aware of this travesty! 2002-07-14 07:47, By: justshootme, IP: [127.0.0.1]

L2: near the bottomP.S.Ed Slott-The IRS did not have any idea who Pamela F. Olson (Acting Assistant Secretary Tax Policy)was? So, that leave the “letter” to The Honorable David Dreier from her in doubt?2002-07-14 07:55, By: justshootme, IP: [127.0.0.1]

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