72t withdrawal

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L1: 72t withdrawalI have been taking a 72t distribution for 4 and a half years. I am considering closing the IRA those funds are coming from and rolling those monies into another IRA because I am not happy with my current financial manager. Is there a problem with that as far as the IRS is concerned as long as I continue the minimum distribution even if it is from another IRA?2011-03-02 15:49, By: Jerry, IP: []
L2: 72t withdrawalJerry:If you transfer 100% of the assets from the old IRA account to a new IRA account which you open specifically to receive the trustee-to-trustee transfer, then you should be OK. Leave the old account open for a period of time after the transfer to allow any latedividends or capital gains earned in the old account to follow the original transfer into the new account.The problem comes up if you make a partial transfer from the old account or if you transfer into an existing IRA which already has assets. But a complete transfer into a completely new account should not be a problem.Since you have endured 4.5 years already, do you have a significant number of years until you reach age 59.5 that you can’t stay where you are until completing all 72(t) requirements? If you are close to completing all SEPP requirements it might be more advantageous for you to “gut-it-out” where you are until the end, and then move whatever, wherever and wheneverwithout potential IRS problems.Jim2011-03-02 17:43, By: Jim, IP: []

L3: 72t withdrawalThanks. I think I’ll be ok! Appreciate the input.2011-03-03 00:35, By: Jerry, IP: []