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Change to 72t distribution

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Byayerheads

L1: Change to 72t distributionWe have taken quarterly 72t distributions on my husband’s IRA for the last two years. We would like to buy another home and would like to take some of the funds from this Ira. Since my husband is now 59 1/2, Can we either (a) take a lump sum or (b) increase the quarterly payments? Thanks!2004-11-26 11:07, By: ayerheads, IP: [66.94.16.25]
L2: Change to 72t distributionSorry, but the answer is no. Even though he is now over 59 1/2; you also must complete the 5 year rule; therefore, another 3 years at the same rate.
Alternatively, you could bust the SEPP plan; pay the 10% penalty on the last two years of distributions & then take out whatever you like.
TheBadger
wjstecker@wispertel.net
2004-11-26 14:20, By: TheBadger, IP: [66.250.23.22]

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