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10% penalty under 72t

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Last Updated On
ByJessica

L1: 10% penalty under 72tI retired at the age of 55 in 2002. My pension was rolled into two IRAs with one disbursing equal periodic payments using the amortizing method. Payments were ceased in March 2003 due to the ecconomic slump. I also moved funds from this IRA to the one not disbursing funds. I need guidance on how to avoid the 10% penalty in both situations. If I switch to the Minimum method will I need to take both IRAs into account for the balance or should I move the funds back? Please advise.2003-12-12 17:45, By: Jessica, IP: [127.0.0.1]
L2: 10% penalty under 72tHello Jessica:
There isugly & then there is real ugly. You are #2. We need a lot of detail to even pretend to offer a solution.
TheBadger
wjstecker@wispertel.net

2003-12-12 18:12, By: TheBadger, IP: [127.0.0.1]

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