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72T Distribution

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Last Updated On
ByEssence

L1: 72T DistributionI started receiving withdrawals from my 72T in 2003. I tooka lump sum withdrawalfrom my 72T last week to asssit with my my son”s college tuition. I thought I only had to pay a 10% penalty on the lump sum. I am now being told, I will be responsible for the penalty on all of my past and future distributions. I have not used the money, can I put it back in my 72T? If so, will this reinstate my account with no past or future penalites?2006-04-17 16:00, By: Essence, IP: [205.188.116.8]
L2: 72T DistributionHello essence:
IRC 408(d)(3) the “rollover” rule is still available to you. Redeposit the same amount as your withdrew last week back into the IRA within 60 days and you are back on course.
TheBadger
wjstecker@wispertel.net

2006-04-17 16:20, By: TheBadger, IP: [66.109.211.254]

L2: 72T DistributionBadger,

Thnak you very much for the quick response. I will be taking advantage of the rollover. 2006-04-17 21:27, By: Essence, IP: [70.127.42.127]

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