72 t distributions

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L1: 72 t distributionsIf I”m taking out funds from my IRAbefore I”m 591/2 (72 t distributions) is it possible to take out more than is allowed under the three methods offered by the IRS without paying the 10% pentaly???RMD, amortization, annuitization

Thank You2008-01-29 07:58, By: tim1010, IP: [199.72.167.21]

L2: 72 t distributionsNo.
If you properly calculate and set up a SEPP Plan under 72(t) using one of the approved methods — RMD, Amortization or Annuitization — and you decide to either take an extra distribution during the year or you just decide that you want to increase the distribution above thecalculated amount for a correct plan, then you will have a busted plan.
The only two exceptions allowed for changing the SEPP Plan before satisfying the 5-year and age 59 1/2 requirements is (1) death and (2) disability … neither of which is a desirable reason.
Jim2008-01-29 08:10, By: Jim, IP: [24.252.195.14]