Completion of 72T 1099R

You are here:
< Back

L1: Completion of 72T 1099R
Birthdate 2/14/1960
Start Plan 2013 full year
Turn 591/2. 8/14/2019
1st Mod 8/15/2019
Receive monthly payment from TD Ameritrade
Can I continue to receive same amount that amount works for me or should I change it?
Question 2
my 1099R code 2 can I continue to use for 2019 tax year or do I have to change to 1099R code 7 from monthly distribution from September payment to end of Year
thanks for all your help and advice
2019-01-04 15:39, By: Ron b, IP: []

L2: Completion of 72T 1099R
Q1 — You have already satisfied the 5 yr/60 months of distributions. In 2019 you have 3 options — -0-, 8/12, 100% of your annual distribution amount. The decision is as much a taxable income situation as a cash flow situation. You should do a 2019 projection NOW, before you take a distribution in January. Once you take any distribution before 8/15/2019, you eliminate the -0- option, and must take 8/12 or 10%. If you do not take any distributions before 8/15, you can take ANY amount after that date, but I would wait until 9/1 just to avoid confusion for the custodian of your IRA.
Q2 — YOU do not prepare the 1099-R. The custodian of the IRA prepares it. They SHOULD prepare 2 form 1099-R’s for 2019 — one with code 2 for payments before 8/15/2019, and the 2nd one with code 7 for distributions after 8/15/2019, but many custodians do not follow the IRS rules, and you may have to contact/badger them to issue these correctly.
2019-01-04 16:30, By: dlzallestaxes, IP: []