distributions under 72t

L1: distributions under 72tWhose responsibility is it to make sure you don’t exceed the 72t amount? Must your IRA provider not allow you to take more than you should, or is it the taxpayer’s responsibility?2002-03-28 15:37, By: Jim, IP: [127.0.0.1]
L2: RE: distributions under 72tAn IRA is between you and the IRS – it’s up to you to design and implement the plan. It is also up to you to make the withdrawals as required unless the custodian/trustee has agreed (in writing) that they are assuming the responsibility and liability.2002-03-28 15:41, By: Gfw, IP: [127.0.0.1]

L2: RE: distributions under 72tRarely does a trustee/custodian of your IRA assets agree to take on the responsibility that your SEPP program is designed correctly or that your annual distributions are correct.Almost all of the custodial redemption forms I have reviewed are rather proforma in nature & usually state in reasonably small print that the tax consequences of your withdrawals lay exclusively on your shoulders.Lastly, beleive it or not, there are several on-point authorities that establish the fact that a trustee/custodial error is your error along with the tax conasequences that may result. In summary, you are on your own; thus, good cause for very careful planning, documentation & execution.TheBadger2002-03-28 16:20, By: TheBadger, IP: [127.0.0.1]