72T distribution for education
L1: 72T distribution for educationSet up 72T a while ago and Iam 55. Equal distributions fine for one kid in college at a time. One daughter wants graduate school, my question is can I get out more of my sepp money prior to 59 1/2 if for graduate college expenses, or is whole sepp locked until 591/22008-02-26 09:43, By: college funder, IP: [188.8.131.52]
L2: 72T distribution for educationSEPP 72-T IRA accounts are “locked up”. If you take more, or less, than the annual amount you “bust” the plan, with expensive consequences.
That is why it is always best to PLAN AHEAD, PLAN FOR CONTINENCIES, and have a separate IRA for “emergencies” or unexpected situations. If you had done this, you could have taken the funds from the non-SEPP 72-T IRA account for education, without penalty.2008-02-26 12:10, By: dlzallestaxes, IP: [184.108.40.206]