Do I have to fill out any forms to start a 72t?
L1: Do I have to fill out any forms to start a 72t?
I am trying to start a 72t from a traditional IRA. I have called my broker that the account is with and they keep telling me to withdraw the money you need at equal amounts. Are there any forms to fill out stating that the withdrawal is a 72t? If so than
what forms do I need? I am also trying to figure out the what the Beneficiary’s Age should be and does it have to be part of the calculation?
I really do not want to incurre a penalty are there listed tax advisors that that can help me figire out what my distribution will be?
If I have to fill out forms how long before I can start withdrawing money?
2011-12-20 21:12, By: kane, IP: [22.214.171.124]
L2: Do I have to fill out any forms to start a 72t?
My first suggestion is — CHANGE BROKERS. Your present broker obviously does not under the requirements for SEPP 72-T plans.
As it suggests at the top of this site — ” READ OUR PLANNING POINTERS”.
You must do specific calculations, based upon your age, the amount you need now and for the next calendar year and then each year thereafter until 59 1/2 or at least 5 years, and the balance in all of your traditional IRA accounts.
There is no “FORM” for you to fill out, or to submit to IRS, but your broker might request a copy of your “plan” (calculations) as part of his due diligence.
Get the book from this site.
Find an accountant/tax practitioner, financial planner, or broker who is experienced in SEPP 72-T plans, as well as retirement planning and its nuances.
Do not pass GO until you do all of this. Any mistake, even minor, can be financially devistating.
2011-12-20 21:56, By: dlzallestaxes, IP: [126.96.36.199]
L3: Do I have to fill out any forms to start a 72t?
Any suggestions on a broker that has experience in SEPP 72-T plans?
2011-12-20 22:10, By: kane, IP: [188.8.131.52]
L4: Do I have to fill out any forms to start a 72t?
It depends what your investment philosophies are, the amount involved, and your “risk tolerance”. Vanguard is experienced in SEPP 72-T plans, and can handle specific securities and mutual funds.
If you have significant balances, finding a fee-based financial advisor or tax practitioner would be a prudent consideration.
2011-12-20 22:16, By: dlzallestaxes, IP: [184.108.40.206]
L5: Do I have to fill out any forms to start a 72t?
2011-12-20 22:53, By: kane, IP: [220.127.116.11]