72T withdrawals

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L1: 72T withdrawalsIf I set up distribution to start at 57 from one IRA account later split the account into 2 accounts at 59, can I take half from one and the rest from a the other? Or must I take all from one account? 2002-08-19 17:23, By: Pat, IP: [127.0.0.1]
L2: 72T withdrawalsIf both accounts were used for setting up the plan, then you can take the payment from either, or both, just don’t change the scheduled payment.2002-08-19 17:29, By: Gfw, IP: [127.0.0.1]

L2: 72T withdrawalsNeither account 2 nor 3 was originally set-up with the 72T. Original Account 1 set-up with the 72T withdrawal was transferred to a differrent account –Account 2. Then account 2 was split so half was transferred to account 3. Therefore am I:** Only able to take withdrawals from account 1?** Or am I limited to taking 100% of the withdrawals from account 2, Or** May I split withdrawls between 2 & 3 as they are both with the same company? 2002-08-20 11:17, By: Pat, IP: [127.0.0.1]

L2: 72T withdrawalsWhile I’m not totally sure I follow [or want to follow] your [1/2/3] account trail, when you started your SEPP, you allocated certain dollars to that plan – those dollars should have remained independent of any other IRA assets that you may have had. Who ever advised combining the accounts may not have known about the SEPP plan.Best bet at the current time is to back track to the original SEPP account, diagram all transactions that occured and restate the SEPP accounts – that may mean splitting the SEPP/Non-SEPP account into two accounts – then maintain the SEPP accounts as your SEPP plan and keep the non-SEPP accounts apart.Just my thoughts.2002-08-20 17:03, By: Gfw, IP: [127.0.0.1]

L2: 72T withdrawalsI concur with Gfw, but let me try to explain it a little differently. At the outset let’s assume you had 3 IRAs (A, B & C) and you designated A & B as the SEPP IRA (remember that the A in IRA stands for “arrangement”; not “account”). Subsequent to commencing the SEPP, for whatever reason, you chose to split A into D & E and split B into F & G & further merged G into E. So now we have C (the non-SEPP IRA), D, E, & F.Your future SEPPs must come from DEF & can never come from C. Further, your SEPP distribution can come from any of DEF in any proportion.TheBadgerwjstecker@wispertel.net2002-08-20 17:35, By: TheBadger, IP: [127.0.0.1]

L2: 72T withdrawals#1 of 2–Dumb Question–What does SEPP — Mean ?#2 of 2–Let me see if I understand Badger… I have 1 IRA “arrangement” made up of One IRA account. I commence the SEPP. Then, I transfer the all assets in that IRA to another IRA & continue taking the same distribution from the new IRA– I’M OK. So far..Then I move half of the asset into another IRA. Now I have 2 IRA’s that are part of the original SEPP. Therefore, it’s OK to take out the same total amount out of a combination of both IRA’s. Am I still OK? 2002-08-21 13:12, By: Pat, IP: [127.0.0.1]

L2: 72T withdrawals#1 of 2–Dumb Question–What does SEPP — Mean ?SEPP = “substantially equal periodic payment”; e.g. the exception tothe 10% penalty as defined in IRC 72(t)(2)(A)(iv).#2 of 2–Let me see if I understand Badger…I have 1 IRA “arrangement” made up of One IRA account. I commence the SEPP. Then, I transfer the all assets in that IRA to another IRA & continue taking the same distribution from the new IRA– I’M OK. So far..Then I move half of the asset into another IRA. Now I have 2 IRA’s that are part of the original SEPP. Therefore, it’s OK to take out the same total amount out of a combination of both IRA’s. Am I still OK? YES.TheBadgerwjstecker@wispertel.net2002-08-21 15:24, By: TheBadger, IP: [127.0.0.1]