About this Forum and your Postings
L1: About this Forum and your PostingsWe have had a recent number of posts dealing with retroactive “error remediation” – telling someone how to retroactively make changes to their plan. That is not what this website is about.
Remember, the IRS does monitor this site and it would not be difficult to trace any post back to any given individual – the Internet is not a secret place. Therefore, I am asking anyone who posts here to stay away from the subject of retroactive “error remediation” unless you can come up with any factual basis in the regulations, rulings or notices that state certain decisions can be made after the date of the 1st distribution – it doesn’t exist. To date we let posts freely make it directly to the forum. Lately I have been thinking that we may have to start reviewing any posts before they appear – something that I really don’t want to do. Regarding retroactive “error remediation” and Rev. Rul. 2002-62, it is really pretty clear…
From 2002-62, Section 2(c) Interest Rates. The interest rate that may be used is any interest rate that is not more than 120 percent of the federal mid-term rate (determined in accordance with 1274(d) for either of the two months immediately preceding the month in which the distribution begins). From 2002-62, Section 2(d) Account balance. The account balance that is used to determine payments must be determined in a reasonable manner based on the facts and circumstances. For example, for an IRA with daily valuations that made its first distribution on July 15, 2003, it would be reasonable to determine the yearly account balance when using the required minimum distribution method based on the value of the IRA from December 31, 2002 to July 15, 2003.
2002-62, Section 2(b) The fixed amortization method. The annual payment for each year is determined by amortizing in level amounts the account balance over a specified number of years determined using the chosen life expectancy table and the chosen interest rate. Under this method, the account balance, the number from the chosen life expectancy table and the resulting annual payment are determined once for the first distribution year and the annual payment is the same amount in each succeeding year. Since the interest rate is fixed by the date of the first distribution, then logic would also say that the account balance is also fixed on the date of the 1st distribution. To read anything else into it is pure speculation. 2009-07-16 13:42, By: Gfw, IP: [126.96.36.199]
L2: About this Forum and your PostingsGordon:
I agree with this post. Furthermore I believe the major posters here can comply with your request to provide factual information and not methods to “get around” the Tax Code. However, there are instances when an error has occured early in the process … like within the first 60 days of the first distribution … where the error can legally be corrected that I feel we should be able to offer suggestions, including how to get professional advice.
At this point I don’t believe you need to “pre-screen” posts before letting them go onto the forum. We are adults and should be able to do the right thing. Besides, if you have to “pre-screen” everything, that will cut into your time onthat beautiful new sailboat.
Jim2009-07-16 14:11, By: Jim, IP: [188.8.131.52]
L3: About this Forum and your PostingsJim… you are right. Where a legitimate remedy exists it should be pointed outso that there can be a positive result. The type of remedies that I was referring to were ones that go back to previous years which are pure “get around the IRS” type posts.
BTW… since retirement, I have been spending a little time on the sailboat. Unfortunately, today there is a Small Craft Advisory on Lake Michigan in the Chicago area- no sailing today
http://yyyz.net/Chicago/Sailing2009-07-16 14:19, By: Gfw, IP: [184.108.40.206]
L4: About this Forum and your PostingsSWEET PICS!
I’m sure you’re really enjoying the freedom of sailing in a large body of water. I’ve only saileda Sunfish on a lake in Fort Worth, TX, many many years ago, and it was great fun!
Enjoy your retirement!
Jim2009-07-16 14:37, By: Jim, IP: [220.127.116.11]