72t Depleted

L1: 72t DepletedMy 72t IRA is down to a few hundred dollars. I am 58 years old and have been receiving distributions for 5 1/2 years. Should I keep this small amount of money in the IRA or let it be totally depleted? Is the penalty inevitable either way? 2002-12-07 11:18, By: BM, IP: [127.0.0.1]
L2: 72t DepletedSorry to hear the account is almost gone. However 2002-62 does grant relief. Check out RevenueSection 2.03(a)…
(a) Complete depletion of assets. If, as a result of following an acceptable method of determining substantially equal periodic payments, an individual”s assets in an individual account plan or an IRA are exhausted, the individual will not be subject to additional income tax under 72(t)(1) as a result of not receiving substantially equal periodic payments and the resulting cessation of payments will not be treated as a modification of the series of payments.
Good luck :~}2002-12-07 11:30, By: Gfw, IP: [127.0.0.1]