72t – multiple IRA’s

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L1: 72t – multiple IRA’sIhave three IRA’s (with 3 different custodians)- I want to take all the IRA’s into consideration for purposes of calcualting the 72t payment, however I would like to take the distributions from one of the IRA’s- Can this be done?2010-01-12 21:17, By: Shulls, IP: []
L2: 72t – multiple IRA’sYes. Just be sure to document your account balance for all 3 accounts as of the same date and use that balance in your plan calculation. Then be sure to remember that any distribution you take from any of the accounts is a SEPP distribution becuase they are all part of your plan.This also makes it even more likely that you will need to file a 5329 with your tax return since you will not get the SEPP coding on your 1099R from the custodian of the plan that issues the distributions. It really does not matter whether all 3 custodians know that their accounts are part of the SEPP, as long as YOU know what to do and what not to do. But if they are interested, it is best to tell them as it may provide you with another layer of protection against making an error.2010-01-13 23:01, By: Alan S., IP: []