72t early dist. from ira and irs audit

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L1: 72t early dist. from ira and irs auditI need help. Am being audited for above noted situation . Again no fund will provide the required documentation that the IRS is requesting. Therefore, where can I find the appropriate interest rates allowable from 2002to thepresent? I am unable to find my original workpapers(calulators) for the amounts I have be drawing sine 2002. The current calculators only go back to I believe 2007. Is there another source for the actual calculator as I believe the current ones will not allow you to calculate a 2002 beginning disbursement date?2009-02-13 15:55, By: needhelp, IP: []
L2: 72t early dist. from ira and irs auditneedhelp,I see interested rates listed back prior to 2002 onTHIS site. Click on Interest Rates column on left side; click on first item on list 72(t)/SEPP Interest Rates — scroll down & click on Page 5 or 6 to find rates prior to 2002. Not sure if that’s what your looking for.Hope that helps.meb242009-02-13 16:13, By: meb24, IP: []

L3: 72t early dist. from ira and irs auditThanks mrb24, That is what I was looking for. I was at the tables but missed the years I needed. Now,if I could just find a calculator with start years on 2002 and more recent. Thanks again2009-02-13 17:36, By: needhelp, IP: []

L4: 72t early dist. from ira and irs auditThis situation is unfortunate for anyone and I sympathize with anyone who has to go through this procedure. That said, this is THE perfect example of why all SEPP owners should keep all of the documentation they can regarding their SEPP set-up. Multiple copies are good too, with at least 2 hard copy printouts and 2 electronic copies on CD orDVD. A 3-ring binder works really well for the hard copies. I use a 3″ think 3-ring binder for all of the SEPP documentation and it includes every scrap of paper that ever had anything to do with my SEPP. It is divided into sections where various papers are grouped and they are chronological within the sections. By using the tabs and flipping a few pages, I can find anything needed very quickly. I heartily recommend this approach to all SEPP owners and anyone looking at starting a SEPP. The extra copies are kept in my Mom’s safe and in a safe deposit box at our local credit union. This info is too precious to ever lose, so redundancy is the key.2009-02-13 23:57, By: Ed_B, IP: []

L4: 72t early dist. from ira and irs auditneedhelp,I think you can use the regular calculator on this site. Just enter the age you attained in 2002 (if that was the year you got your first payment) andplug in the higher Fed Midterm Interest rate from one of the two months just prior to the month of your first payment in 2002 into the REASONABLE INTEREST RATE–(you can make Actual Interest Rate “zero” for this),andenter the starting balance in the IRA(s) that were part of this SEPP Plan. That will tell you the annual payment for both AMORTIZATION and ANNUITIZATION. You may have used either one.Compare it to what you have been getting. If you are getting more, you may have a problem. If you are getting less, try reducing that reasonable interest valueby .01 and hit calculate again. Keep doing this until youget as close as you can to the annual payment you have been receiving. (Within a dollar is perfect!) This will give you an idea if your plan is close to being correct, and it is a start. Let us know what you find out, including figures. KEN2009-02-14 00:29, By: Ken, IP: []