72(t)

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L1: 72(t)2 questions:
If an indivudual is 56 years old and has 2 IRA’s (A and B). IRA A is being used to calculate the “series of equal payments” and IRA B is not. Can the individual:

1) make additional contributions to IRA B without effecting the exemption from the penalty on IRA A?
2) withdraw funds from IRA B (and pay the 10% penalty on IRA B) and keep the exemption from the penalty on IRA A?
2009-04-22 16:32, By: Kevin, IP: [24.124.28.130]

L2: 72(t)That is correct. That is exactly the planning that we usually recommend by having 2 accounts — 1 for SEPP 72-T, and a 2ndIRA accountoutside of it.2009-04-22 17:32, By: dlzallestaxes, IP: [96.245.168.66]

L3: 72(t)thanks2009-04-22 18:26, By: Kevin, IP: [24.124.28.130]