72 t

< Back

L1: 72 tJust reached 591/2 and also 5 years with the plan. My custodian advised me that my 72t plan would terminate in October. The company that I have my money in is not doing that well and am concerned it will not make it till the end of year. I wanted to wait until 2010 to transfer my traditional IRA to another custodian, but am getting nervous and would prefer to do this ASAP.

will this cause any problems.

2009-11-05 19:29, By: keani4me2000, IP: []

L2: 72 tMy response is merely general since you offer no details. I’m guessing that you are referring to October 2010 and thet you are goint to do a total transfer.It shouldn’t – if you need to takeany distributions yet this year, take them before the transfer. 2009-11-05 23:34, By: Gfw, IP: []

L3: 72 tGfw,I believe the OP posted this on another site. Unless this is a coincidence, his first contribution was in 9/04 and he turns 59.5 in 10/09. Therefore, his modification date is 10/09. He wants to do the transfer prior to year end.I told him that since his 72t plan has ended, it does not matter what he does now, so he could proceed with the transfer. He needs to do a direct transfer in the event he used up his one permitted indirect rollover within the past 12 months, and shouldgenerally do it directlyeven withouta prior rollover to keep the distribution unreported on the 1099R.Also, that he will probably need to file a 5329 unless the custodian provides the exception coding for 2009.2009-11-06 02:42, By: Alan S., IP: []