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72t question

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ByDan

L1: 72t questionI retired in 1996. Began taking 72t in 2000 at age 55. Want to do the one time RMD recalulation. I have a small IRA separate from the main one at MS/DW. My current distribtuion is only based on the MS/DW IRA. My advisor at MS/DW says I should have included the smaller IRA into the initial calculation, minus any subsequent annual contributions, since I am working again. I understand the inclusion of the smaller IRA, but question the subsequent contributions needing to be deducted to get it to the level of when I retired in 1996. It looks like all the same pot of money to me. Does this sound right?My goal is to decrease the current withdrawal, but not as much as the advisor is calculating. Therefore, I stand to gain if I can include the annual contributions that I have made since 1996. Thanks for your help. 2003-01-10 14:14, By: Dan, IP: [127.0.0.1]
L2: 72t questionActually I totally disagree. If the small IRA wasn”t included to determine the initial payment amount, leave it as is.
Once a SEPP is started, the assets used to fund it are frozen – the only additions (without busting the plan) are the invesment gains earned by the original allocated assets.
No additional accounts can be added, and no additional deposits can be made to a SEPP!
Good Luck :~}
2003-01-10 18:24, By: Gfw, IP: [127.0.0.1]

L2: 72t questionAs is usual, your MS/DW is all screwed up & dead wrong. I agree 100% with Gfw.
TheBadger
wjstecker@wispertel.net
2003-01-10 19:30, By: TheBadger, IP: [127.0.0.1]

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