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Withdrew 1/10th% too much - contact IRS?
Somehow, I don't know how, I withdrew $12 too much of the max (120% for the given month) which was 1/10th of 1% too much (and Dec 2018 was peak interest rate, coincidentally). I believe the error might have been made on my misunderstanding that you must go by one sent % and amount going forward, same amount each year, based on that initial, chosen % and account balance (ignoring the one-time change you can make)
Not sure whether to going forward in subsequent years:
- continue to take out the same
- take out the correct amount
I believe option 2 would be the right thing to do, but would show a change, a discrepancy. I would assume best thing to do is contact IRS. I'm also being optimistic that the IRA won't get bent out of shape over a fraction of a % error (but could be wrong!)
Thank you. And yes, I'm just a bit of time past where I can make a 2 month change to the error!
I think the answer to your question depends on how long you have been taking 72t distributions and other factors. Would you please provide details as listed in this post? https://72tnet.com/community/72t-discussion-forum1/new-forum-post-with-template/ .
Hi, this was my first year to do this, only two distributions from one IRA. I may have gotten a couple of number juxtaposed when transposing from an online calculator. I don't believe the other information would provide any additional help. Best to chalk this up to simple human error and go from there correctly. Cheers.