Does SEPP Plan Indicate Total IRAs Balance or Just

L1: Does SEPP Plan Indicate Total IRAs Balance or JustI have 2 IRAs and will use one for the 72t distribution. When drawing up the SEPP plan must I indicate or reference the unused IRA and its balance in the plan, in any calculations, combined total balances etc, or can the plan just show and refer soley to the IRA which is being used for the 72t and its balance alone used in all calculations? Many thanks in advance for your answer.2010-01-27 18:24, By: Mike, IP: [68.35.13.127]
L2: Does SEPP Plan Indicate Total IRAs Balance or JustUnless you need to use both IRAs for your SEPP, keep the SEPP and non SEPP accountsTOTALLY separate. Do not mention the non SEPP IRA in any of your documentation for the SEPP account, and never transfer funds between the two accounts or you will bust your plan.That said, if you need to use the non SEPP for an emergency distribution subject to penalty, you will have to show the total of all your distributions on line 15 of Form 1040 and on Form 8606 if you have any non deductible contributions in your IRAs. This is the ONLY place where you would show combined figures.It is a good idea to red flag your SEPP IRA file and clearly label the other account as NON SEPP so you never get mixed up. And if you use an advisor make sure they don’t get confused either.2010-01-27 23:33, By: Alan S., IP: [24.116.165.60]