Change

You are here:
< Back

L1: Change

I amsorryfor asking the same question again as I posted similar questions on 10/26 and 10/28 but I am confused. I do appreciate your quick responses and I believe thatyour answers make more sense than the IRS. After posting the last message on 10/28, Mr. Rubin as explained below returned my call to him on 10/25. Following is my question and concern.
I talked with Michael Rubin, the principal author of 2002-62, regarding a conversion to the RMDmethod this year. He said that I could not convert to the RMD until January 2003 and must continue with existing withdrawals this year. He said that I could change if I was making one annual withdrawal or had taken out less than the RMD method but since I was taking monthly withdrawals and they have exceeded the RMD method, I could not change until January 2003. I asked him if he was aware of this web site and he said – No he didn”t know about it. Has Mr Rubin been involved with your Service contacts? The Service representatives seem to be very confused regarding what 2002-62 really implies as other representatives at the Service have given me much different answers!
I believe that you are correct with your interpretations but I remain hesitant to make the conversion during 2002 if I risk the 10% penalty. Would a change this year with stand challenges by the Service?
Edit2002-10-31 21:02, By: dar, IP: [127.0.0.1]

L2: Change Section 2.03(b) and Section 3 seem to conflict and you appear to be looking for a definitive answer on a new ruling that could be intrepreted in different ways.
Bottom line – If you don’t feel comfortable making the change, don’t change until next year – it’s only two months away and you’ll probably sleep better. You could also seek professional guidance from your CPA or tax advisor, but by the time you do, it will be next year.

2002-11-01 04:17, By: Gfw, IP: [127.0.0.1]