1st year of 72t

You are here:
< Back

L1: 1st year of 72t
This was my first year for 72t. Should I provide a form for plan documentation when I file or just provide the 5329 changing code to 02.
2011-12-08 00:13, By: ran, IP: []

L2: 1st year of 72t
Just the 5329 if you need it because the 1099R was issued with a code 1.
Keep the calculation documentation in a safe place in the event you are ever asked for that information. That probably means you would keep ituntil at least 4 years after your plan ends.
2011-12-08 00:28, By: Alan S., IP: []

L3: 1st year of 72t
Some of the best advice you can get regarding a successful SEPP plan is to keep complete and well organized documentation. I probably went a little overboard with mine but I wanted to make sure that there would never be a question raised by the IRS that
I could not answer. Because of this, I used a 3″ 3-ring binder to store my documentation. It includes every bit of paper I ever had that relates to my ending 401k plan, setting up my SEPP plan, any letters to / from the IRS and my custodian, dated and signed
notes of any phone calls concerning my SEPP plan, my start up plan worksheet, all of the distribution amounts via the quarterly custodian reports, and the annual December 31 printouts from the IRA that was funding the SEPP. All of this was separated by year
via those colored plastic tab sheets. The binder is about 3/4 filled but I can find just about any piece of paper in there in a few minutes. It also takes up minimal storage space in a bookcase, which is nice. As Alan suggests, keeping this info for several
years after your SEPP ends is an excellent idea.
2011-12-08 04:29, By: Ed_B, IP: []