Ammount to Allocate to SEPP Plan

L1: Ammount to Allocate to SEPP PlanIs the money I don’t allocate in my IRAtoa SEPPplan available to use if I need it? Not sure how this works. For example, if myIRA has $355,000 and a only want to allocate $300,000 to a SEPP plan, will I still have access to the other $55,000 to take a normal distribution if I need to?Thanks2011-03-18 22:58, By: John, IP: [72.130.218.167]
L2: Ammount to Allocate to SEPP PlanYou cannot allocate part of an IRA account to the plan, you must use the full balance or the plan is invalid.In your example, you would partition your IRA by direct transfer into two accounts BEFORE starting your plan. One account would hold 300k and you would use that one for your SEPP. The other account would be outside your plan and you could use it for emergency needs but subject to the penalty. You could also use it later to start a second SEPP plan independent of the first plan.2011-03-18 23:11, By: Alan S., IP: [24.119.230.17]

L3: Ammount to Allocate to SEPP PlanOkay,When you say partition my IRA into two accounts, are you talking about two seperate Traditional IRA accounts?If yes,can those two accounts be at the same financial institution?Thanks again.2011-03-19 00:20, By: John, IP: [72.130.218.167]

L4: Ammount to Allocate to SEPP PlanYES, 2 separate Traditional IRA accounts, with separate account numbers.YES, both accounts can be at the same financial instiuion.2011-03-19 00:25, By: dlzallestaxes, IP: [96.227.217.194]