Change documentation

L1: Change documentationI read most of the messages posted since Oct. 3 and maybe missed the answer to these questions so please forgive me if I am asking a question already answered.
I want to change from the fixed annuitization to the RMD method effective Nov. 1, 2002. I will go from$11,000/month to about $1,178/month (calculated with your sample calculator). I have talked to my CPA (tax advisor) and broker but neither have been able to answer my questions. What documentation do I have to submit to the IRS when I make the change? I retired Dec. 31, 1999 and began withdrawals Jan. 2000. I will be 58 in Dec.2002.Using 72t, my five years would end Jan. 2004. After Jan. 2004, can I make random withdrawals, maybe none, or doI have to continue the RMD withdrawals until the IRA is exhaused?
Thanks for your help and again please forgive me if I have asked a question that you have already answered.2002-10-22 00:48, By: Pike, IP: [127.0.0.1]

L2: Change documentationThere is no documentation that needs to be filed with the IRS.

You should however, create a written outline of the change which would include the date the change is to be made, the factor based on your are in 2002 and the date the assets will be valued, for example 09/30/02or 10/31/02.

If you will be switching back to a calendar year for 2003, also document that including the asset valuation date,the recalculation dateand the factor based on your age in 2003.

Once you have your plan outlined, contact your IRA Custodian/Trustee, provide them with a copy of your outline and you should be on your way.

Good Luck!2002-10-22 06:12, By: Gfw, IP: [127.0.0.1]

L2: Change documentationPike
Double check “five year end” with calculator, you should get Jan 2005.
Good Luck
Pete2002-11-24 09:09, By: PCK, IP: [127.0.0.1]