Best Brokerage to use for rollover with 72t IRA
L1: Best Brokerage to use for rollover with 72t IRAI am planning to start a 72t in the next couple of months (11/20/1965 – DOB, Account total $750K, Expected start date 7/6/2017). Is there a preferred Brokerage house to use that will make the 72t easier to maintain? I am planning on monthly payments but I wanted to make sure that there would be no issues or limitations from the Brokerage side (ie. tax issues, questions, etc.). Thanks for any recommendations that you have.2017-04-25 18:36, By: BB, IP: [184.108.40.206]
L2: Best Brokerage to use for rollover with 72t IRAI recommend Vanguard, which by the way has a brokerage division, in addition to their renowned mutual fund division.
I have seen fewer complaints about Vanguard’s handling of SEPP 72-T plans than with other brokerage and mutual fund companies.
Regardless, only you can minimize tax issues, questions, and/or problems with your SEPP 72-T plan. No one can guarantee that there will be “no issues or limitations on the Brokerage side”.
Start with proper and complete documentation of your Annual Withdrawal Amount, and related balance and interest rate, and accuracy of the figures you use, and your date of birth.
It is suggested that you take your December withdrawal no later than 12/15 so you have time to make any adjustment or correction.
None of the brokerage or other firms will usually “verify” the accuracy of your calculations, and many may not even ask for the documentation. The IRS places the responsibility on YOU, not them, that it is done correctly. You do not submit your documentation to the IRS, but just keep it in case it is ever questioned.2017-04-25 20:29, By: dlzallestaxes, IP: [220.127.116.11]
L3: Best Brokerage to use for rollover with 72t IRAThanks for the insight.2017-04-26 15:13, By: BB, IP: [18.104.22.168]