do i have to combine ira balances??
L1: do i have to combine ira balances??I was just laid off and I am rolling over my 500,000 into an ira. Being 53, after I calculate my 72t, the amount is to much based on that balance….So the question is can I open 2 ira’s and 72t one of them or is it based on the total of all ira’s????2012-04-26 11:15, By: tuchilly, IP: [22.214.171.124]
L2: do i have to combine ira balances??Start by reading through our Planning Pointers.
Then use our Reverse Calculatorto determine the amount to allocate to the SEPP IRA and move the balance to a 2nd IRA account.
Take a look at our sample SEPP form and design you plan accordingly. The non-SEPP IRA can be used for emergencies, etc without creating a problem to the SEPP IRA.
Good Luck2012-04-26 11:34, By: Gfw, IP: [126.96.36.199]
L3: do i have to combine ira balances??Once you determine the IRA balance that will produce the 72t payment you wish, it is best to do a direct Trustee Transfer of that balance to a new IRA and use that new IRA for your plan.
That way, if there are any trailing distributions (eg BA dividends) issued after the rollover, they will go into the IRA you are using for emergencies and will not go into the 72t account as that would cause problems.
2012-04-26 16:00, By: Alan S, IP: [188.8.131.52]
L3: do i have to combine ira balances??Deleted – duplicate reply.2012-04-26 16:00, By: Alan S, IP: [184.108.40.206]