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Any changes to the rules or penalties with 72 T due to the CARES act?  


chel
Posts: 1
 chel
(@chel)
Active Member
Joined: 4 weeks ago

DOB 9/1/62

  • Date of Birth: 9/1/62
  • Age:57
  • Single/Married: dingle
  • Annual cash needed year 1 (after taxes): 30,000
  • Annual cash needed later years (after taxes): 40,000
  • 72t Method:Amortization
  • 72t Distribution Start Date:3/29/2018
  • Life Table Used:
  • Stub Year (Y/N): (don't remember what this is ) 
  • Annual Recalc (Y/N):no
  • AFR Rate:Sepp rate 2.78, Investment  rate 4.0
  • 72t Account Balance(s):800,000
  • Describe other assets if applicable -own home 650k, 100k IRA  outside of 72T balance

Hi, I was wondering if there were any changes to the rules or penalties with 72 T due to the CARES act?  I know there were changes to IRA and 401k rules making them more flexible.  Did IRS change 72T?

 

1 Reply
dlzallestaxes@msn.com
Posts: 52
(@dlzallestaxesmsn-com)
Illustrious Member
Joined: 1 year ago

NO CHANGE FOR SEPP 72-T. IT IS SPECIFICALLY MENTIONED IN THE CARES ACT AS NOT BEING ELIGIBLE FOR ANY OF ITS PROVISIONS. I REPORTED THIS 3 MONTHS AGO WHEN THE CARES ACT WAS PASSED.

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