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72t

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BySA

L1: 72tClient has an active 72t distribution based on several account balances. Acct. where 72t distributionis coming from is depleting, can 72t be continued for same amountat one of the other companies that were used in the original account calculation?2008-10-29 12:23, By: sa, IP: [68.126.41.243]
L2: 72tGiven the circumstances you have described, you can certainly begin withdrawals from one of the other accounts.Jim2008-10-29 12:31, By: jim, IP: [70.167.81.119]

L2: 72tNot only “can” the other IRA accounts be used to complete the necessary distribution amount, they MUST be used. The feature whereby a 72tIRA is totally drained and the retroactive early withdrawal penalty is forgiven only appliesif all the IRA accounts that were used to compile the initial account balance for the 72t are drained.The client may well need a 5329 to claim the penalty exception if he has not needed it previously.2008-10-29 14:53, By: alan+s., IP: [24.116.165.60]

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