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Any changes to the rules or penalties with 72 T due to the CARES act?
- Date of Birth: 9/1/62
- 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?
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.