2 72t accounts?

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L1: 2 72t accounts?can you have more than one account set up on 72t????? 2009-10-27 21:48, By: Dave, IP: []
L2: 2 72t accounts?Yes.2009-10-27 21:55, By: Gfw, IP: []

L3: 2 72t accounts?The following combinations are permissible:1) One 72t plan using any number of IRA accounts2) More than one separate 72t plans using one IRA account each3) More than one separate 72t plans usingmore than oneIRA accounts each4) More than one separate 72t plans using IRA accounts and/or qualified retirement plan accountsThe multiple 72t plans can run simultaneously or can begin at different times. Each 72t plan is totally independent of the others, so if one is busted the other may continue.The more plans you have, the more calculations you must do. The more plans you have the greater the chance of an error in execution of the plan due to confusion or false assumptions. The more complexity you have, the more likely you are to receive an IRS inquiry and/or request for your plan documentation.Accordingly, the more complex alternatives are not advisable to pursue. These plans should be kept as simple as possible. Generally, the best combination is a single IRA account for the 72t plan and another IRA account kept outside the plan for emergency needs.2009-10-28 04:23, By: Alan S., IP: []

L4: 2 72t accounts?I agree with Alan 100%. Simpler is almost always better than more complex. It is much easier to keep track of and administer a simple plan than a complex one. In some cases, 72t plans are needlessly complex, which is to say that there are complexities in them that do not generate any benefits that justify the complexity. They are simply more difficult to manage and more prone to falling afoul of IRS regulations. Also, the less IRS attention drawn by a 72t plan, the better.Finally, keep GOOD records of everything that has to do with your employer’s plan, it’s roll-over to an IRA, the calculations used to create your 72t plan, and every single scrap of paper or electronic correspondence that you ever send or get regarding your IRA and its 72t plan.Chances are good that you will never need this info. If you ever do need it, however, having it on-hand and in a form that is easily used will be priceless.2009-10-29 17:55, By: Ed_B, IP: []

L3: 2 72t accounts?CLARIFICATION :1. You can have multiple IRA accounts as part of a single SEPP 72-T plan.2. You can have more than one SEPP 72-T plan. Each plan can have one or more IRA accounts as part of its SEPP 72-T “UNIVERSE”, but no IRA account can be part of more than one plan.2009-10-28 04:24, By: dlzallestaxes, IP: []