Adding to IRA after 72t is started
L1: Adding to IRA after 72t is startedTook a grow into retirement from present employer(couldn”t get to this 401k because I was still on the employment roll). Was able to move 401k from previous employer into IRA to start a sec 72t. Then Nov 08 add my 401k to my IRA,My CFP said i would have no problem.Now I went to a tax personand they say because I”m adding to my IRA that the money i first put in there I”ll have to pay penalty on.Not only I”m upset over paying penalty, I”m now wondering if I”m going to have a problem when I move the rest of the money.Any help would be Welcomed.
duckchuck2008-03-13 12:20, By: duckchuck, IP: [126.96.36.199]
L2: Adding to IRA after 72t is startedIf you moved new funds into an IRA that was set up as a SEPP, then you busted the SEPP – 10% penalty interest on past due taxes.
However, Since Nov 08 isn”t here yet, the event didn”t happen. Merely move the 401(k) to a different IRA and probably find a new ”CFP”.2008-03-13 12:27, By: Gfw, IP: [188.8.131.52]
L2: Adding to IRA after 72t is startedcan I add to a 72Q and increase the monthly pmts?2008-04-04 11:55, By: bj, IP: [184.108.40.206]
L2: Adding to IRA after 72t is startedNo. Any additions would bust the plan.2008-04-04 11:58, By: Gfw, IP: [220.127.116.11]