72t, can I change the date of the annual payment

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L1: 72t, can I change the date of the annual paymentHere is a question that I havent found an answer to on the site. I started a 72t withdrawal plan in december 2010. I would like the payments to be withdrawn around March of each year. Do I have to continue with the December payment each year, or can I change it to March. I would still be taking one payment, just altering the timing, or do I have to maintain the same payment date each year. Any thoughts that can help.2011-03-16 17:36, By: cruz, IP: []
L2: 72t, can I change the date of the annual paymentYou probably didn’t look too hard, and didn’t check the search feature on this website. That same question, or variations about changing the frequency of payments, is asked every week.You can change the date, frequency, amount of each payment, so long as the ANNUAL TOTAL does not change.2011-03-16 21:45, By: dlzallestaxes, IP: []

L3: 72t, can I change the date of the annual paymentThank You. I did try the search engine and nothing showed up. I also checked the frequently asked questions with no luck. Thanks for posting the answer.2011-03-16 23:30, By: cruz, IP: []

L4: 72t, can I change the date of the annual paymentGFW Shouldn’t he, or anyone, have been able to find the answer using the search feature ?2011-03-17 02:37, By: dlzallestaxes, IP: []

L5: 72t, can I change the date of the annual paymentCruz,One warning about changing an annual payment from DEC to MARCH… If 3 months after taking your firstannual payment, you now need another annual payment, this is a one time fix to a serious cash flow problem. You can only move it “forward” two more months infuture years, so I would think about changing it from Annual to Monthly starting in2011, and ask them to make first 2011 payment (i.e. March payment) to cover the first 3 months of the year, and then start monthly payments in April. It works much better for budgeting. Give them a PCT’age for FED and STATE tax withholdings, so no matter how much they pay you it will work for tax withholdings. I used to have a SEPP with 2 payments per year, in March and Sept (2006), and found after 1 year of that, I was much happier switching to monthly, the next January and problem was solved. The bump you get from the initial 3 payments in your case may be enough to solve your cash flow problem. Pick ongoing monthly payment dates between 5th and 10th of the month, (but you could ask for initial payment on different date in March) so you have some time in DEC to review total payout and either put back, or take out some more money if needed to hit exact yearly gross that is required, in case an error has been made. It also avoids a “thirteenth” pmnt arriving on 12/31/XX for the January monthly distribution to you, which is what the custodian sometimes does when a1/1/XY and 1/2/XY fall on non-banking days, like happened at end of 2009 beginning of 2010. Ken2011-03-17 03:39, By: Ken, IP: []