72t exception

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L1: 72t exceptionI was laid off from my job when I was 56. I rolled my Qualified Reirement Plan into an IRA and I began taking a SEPP distribution in 2006. I switched my distribution to a RMD when my account tanked, it has since recovered, and now need to switch back so I have income to live on. Am I free of the 10 percent penalty since I was 56 when I left my job?2009-03-24 15:15, By: Nels, IP: [68.4.185.131]
L2: 72t exceptionSorry, but…
>>and now need to switch back so I have income to live onNot allowed. That’s why is is called a one-time-switch.
>>Am I free of the 10 percent penalty since I was 56 when I left my job?No. That exception does not apply to an IRA.
Gfw

2009-03-24 15:24, By: Gfw, IP: [216.80.125.206]