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: [126.96.36.199]
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: [188.8.131.52]
L3: 72(t)thanks2009-04-22 18:26, By: Kevin, IP: [184.108.40.206]