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L1: 72TI am 55 years old ending a second pension plan which will give me about $90,000.00 in cash. I would like to set up a 5 year 72T with a monthly disbursement to offsethealth care coverage. How can I figure what amount I am entitled too each month. Do you have any additional ideas ? Thanks in advance2010-01-17 17:41, By: Ron, IP: []
L2: 72TStart with… does the pension plan have an early retirement provision?If yes, you may want to cionsider early retirement rather than a SEPP plan. Also remember, that while a SEPP plan may only llast 5 years, all calculations are based on your life expectancy which is 29.6 years at age 55.Also check out…72(t)(2)(B) MEDICAL EXPENSES. Distributions made to the employee (other than distributions described in subparagraph (A), (C) or (D)) to the extent such distributions do not exceed the amount allowable as a deduction under section 213 to the employee for amounts paid during the taxable year for medical care (determined without regard to whether the employee itemizes deductions for such taxable year). If you want to start a SEPP, use the calculatorto determine the amount you can receive. At your age and with $90k, it will be about $4,700/year.2010-01-17 21:16, By: Gfw, IP: []