Does there have to be a date of birth for a beneficiary on the calculator?

L1: Does there have to be a date of birth for a beneficiary on the calculator?
My DOB is 3/8/61. I am a widow. I have 3 adult children as my beneficiaries. Do I need a beneficiary DOB for the calculator? If so which child’s DOB do I use?
2018-07-25 19:23, By: dana211, IP: [2601:243:d00:bd01:b897:ade:ae3a:d031]

L2: Does there have to be a date of birth for a beneficiary on the calculator?
1. Since you are already 57+, you should consider NOT setting up a SEPP 72-T plan, which would lock you into specific annual distributions for the next 5 years. I would suggest seeing if you can get to 59 1/2 without a SEPP 72-T plan, because after 59 1/2 there isn’t any 10% penalty for withdrawals anyway.
2. Usually the IRS requires that the age for calculating Required Minimum Distributions is the age of the OLDEST of a group of beneficiaries. If they are all about the same age, this might not be a big issue.
3. Whenever there are multiple beneficiaries, I always recommend that IRA’s be split during your lifetime into a separate one for each beneficiary, because each one will be at different ages, will take distributions at different ages or times, and will have different needs. There is usually a possibility of splitting a single IRA into separate IRA’s at your death.
4. You should also consider naming an IRA TRUST as the beneficiary of your IRA, and provide there for your IRA to be split into 3 IRA TRUSTS upon your death.
You should discuss your plans with an Estate or Elder Law Attorney, Tax Professional, or Qualified Financial Planner who is knowledgeable in these matters.
2018-07-25 19:38, By: dlzallestaxes, IP: [173.75.247.117]

L3: Does there have to be a date of birth for a beneficiary on the calculator?
Thanks for the information – I do need this income for at least 5 years and I assume it will be longer. I understand the beneficiary trust idea and may pursue that as well
2018-07-25 19:47, By: dana211, IP: [2601:243:d00:bd01:b897:ade:ae3a:d031]

L3: Does there have to be a date of birth for a beneficiary on the calculator?
More help please: I think I understand the SEPP Investment Rate….which is that monthly IRS rate that is publish? Am I correct? But…..
What is the “Investment Rate”? What should I use?
What is the “IRS Penalty Rate”? I have no clue as to what it is asking for!
Do I use the Uniform Table?
2018-07-25 19:57, By: dana211, IP: [2601:243:d00:bd01:b897:ade:ae3a:d031]

L4: Does there have to be a date of birth for a beneficiary on the calculator?
You do not need beneficiary DOBs unless you plan to use the RMD method for your SEPP. You should NOT use the RMD method, you should use the fixed amortization method because it produces a much larger SEPP distribution than the RMD method. In addition, you only need the initial calculation since your annual distribution stays the same. If you used RMD, you would have to make an entirely new calculation every year and your distribution amount would change each year.
The investment rate does not have anything to do with the actual SEPP calculation. It is used to project how much your IRA balance would change taking into consideration the annual SEPP distributions you must take. If you want to see the result, enter something like 4%, but again this does not affect the amount of your distribution. For that, you must enter the correct interest rate, which is the highest of either of the two months prior to the month of your first SEPP distribution.
Ignore the IRS penalty rate. This refers to the interest rate you will be charged for the penalty you owe only IF you bust the SEPP. This changes every 3 months, so we recommend to simply let the IRS calculate it when the time comes.
Do not use the Uniform table or the joint life table. The single life table will then apply and it produces a larger distribution than the other tables do, which is what you want.
After you do that, if your distribution is larger than you want or need, please advise and we can advise you what to do in that case.
2018-07-25 22:35, By: Alan S, IP: [24.117.172.15]

L5: Does there have to be a date of birth for a beneficiary on the calculator?
If you would like additional guidance, please give us the 6/30/2018 balance of your IRA, and how much you are looking for as distributions for the next 5 years. Also, you have to indicate if you are planning to file quarterly estimated tax payments, or have the plan withhold and remit taxes when you have distributions made, which will have the taxes deducted.
For example, if you WANT/NEED $ 30,000/year, then your SEPP IRA will have to have enough in it to provide for $ 40,000 including the $ 10,000 in federal income taxes. If you do not withhold taxes, and distribute $30,000, then you will have to pay $ 7,500 in federal estimates, but you will only have $ 22,500 left to spend.
2018-07-25 23:37, By: dlzallestaxes, IP: [173.75.247.117]

L5: Does there have to be a date of birth for a beneficiary on the calculator?
Thanks for all of the help – It would be nice if there were some hints when it came to the calculator but this forum is outstanding. Thanks to all who help and contribute!
2018-07-26 13:33, By: dana211, IP: [2601:243:d00:bd01:b897:ade:ae3a:d031]

L6: Does there have to be a date of birth for a beneficiary on the calculator?
>>It would be nice if there were some hints when it came to the calculator
Did you bother to read the information in the [Help] link? Sometimes one merely has to look to find the answers.
2018-07-26 15:15, By: Gfw, IP: [73.217.141.7]