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Client made an amount change on his 72-t

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ByBeetle

L1: Client made an amount change on his 72-tI just discovered that a client, receiving $2000 monthly distribution for year 2003, reduced the redemption to $1000 for Oct, Nov & Dec. I want to apply Rev Rule 2002 to allow minimum distribution, but I need to remedy this change of his distribution. He started 6/2000 and ends in 2005. Is this a modification and how bad is the news? Thanks2004-01-17 16:29, By: Beetle, IP: [24.92.250.7]
L2: Client made an amount change on his 72-tThe real question… Did he take the planned annual distribution for 2003. If yes, no problem. If no, he”busted” the plan and will be subject the 10% penalty on all previous SEPP distributions and the IRS will calculate the interest on the past due penalty tax.
BTW – It is too late to switch to the minimum distributions method for last year.2004-01-18 07:11, By: Gfw, IP: [172.16.1.70]

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