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L1: 2 ACCOUNTS , ONE 72TI have2 IRA accounts,in two seperate companies,I am 51, I took money from one account in January, can I start a 72t tommorrow from the other account, taking a lump every year till I am 59.5 as long it the total of this dedicated account is used for the 72t?
Can I use one dedicated account for the 72t and still use the other for draws with the 10% penalty?
If I turn 52in Dec, do I use 52 in the calulation?2011-06-28 21:29, By: kountryboy, IP: []

L2: 2 ACCOUNTS , ONE 72TWith 2 IRA accounts you can:
1) Start a 72t plan using only one of them and use the other one for emergency needs subject to penalty….or to start a separate 72t plan down the road. This is what you are asking, and you can either take a lump sum or monthly of quarterly distributions. The annual total is all that is critical, not your distribution pattern.
2) Use the combined balance of both IRA accounts in a single plan, and take the actual distributions from either or both accounts
3) Start a separate 72t plan from each IRA at the same time. Rarely is this done since the only benefit is a hedge if you bust one and not the other.
Option 1 is the best approach, but you still need to carefully assess your cash needs over the entire term of the plan including a safety margin and inflation.
Re your age, you are correct. You must use the age you will attain by the end of the year you start your plan.

2011-06-28 23:08, By: Alan S., IP: []

L3: 2 ACCOUNTS , ONE 72TThanks..2011-06-29 03:29, By: KOUNTRYBOY, IP: []