72(t) distributions above calculated minimum

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L1: 72(t) distributions above calculated minimumCan an individual under the age of 55 take fixed monthly 72(t) distributions above the preapproved IRS calculation methods? Under these methods, my calculated monthly amount would be about $1,500 ($18,000 annually)and I would need about $2,000 monthly ($24,000 annually). Can I set up a higher fixed monthly 72(t) distribution amount that continues until I reach age 59 1/2, at which point I might readjust it?2008-12-29 18:01, By: billymall, IP: [65.242.130.53]
L2: 72(t) distributions above calculated minimumShort answer… NO! You would immediately bust the plan and owe the 10% penalty.2008-12-29 18:16, By: Gfw, IP: [216.80.125.206]

L2: 72(t) distributions above calculated minimumIf you give us more information, such as date of birth and total IRA account balances, we might be able to give you a better response with some ideas, rather than just telling you that you cannot do what you proposed, without dire consequences.2008-12-29 19:14, By: dlzallestaxes, IP: [96.245.168.66]

L3: 72(t) distributions above calculated minimumThe quesrtion…>>Can an individual under the age of 55 take fixed monthly >>72(t) distributions above the preapproved IRS calculation methods?Based on teh questtion, there really is no other answer – even the 401(k) exemption wouldn’t apply.2008-12-29 20:03, By: Gfw, IP: [216.80.125.206]

L4: 72(t) distributions above calculated minimumBut he might be able to satisfy most of his needs with a SEPP 72-T, and then supplement it with other distributions from IRA accounts that he does not include, even though there will be a 10% on those extra distributions, but only on those, and not on the main ones.2008-12-29 20:07, By: dlzallestaxes, IP: [96.245.168.66]