end of 72t review
L1: end of 72t review In 2013, after 10 years of study on this site I launched my 72t plan and since I just completed my 5th annual withdrawal, I wanted to post all the particulars to see if I missed anything:
My DOB: 2-3-1956 and I started my 72t plan in September 2013 using one IRA with a July 31 2013 balance of $649,990.30 and used the August 2013 120% midterm AFR of 1.95% This resulted in a yearly 72t amortization distribution of $30,427.34. I made the 5 yearly distribution from my IRA as follows:
September 6 2013 December 6 2013 for a total of $30,427.34
September 12 2014 December 6 2014 for a total of $30,427.34
September 4 2015 in the amount of $30,427.34
January 6 2016 in the amount of $30,427.34
today – January 3 2017 in the amount of $30,427.34
My first modification date is 9-7-2018 and I know for 2018 I can take $0 I have other funding sources outside my 72t plan so I plan to take nothing in 2018. Anything I missed?
2017-01-03 15:00, By: Bob_85364, IP: [18.104.22.168]
L2: end of 72t review Looks spot on. Only point I would make is that for 2018, not onlyCAN you take 0, but you SHOULD take 0, at least until after 9/7 when your plan has ended. In other words, your 60 months worth of distributions for a 5 year plan has now been completed, even though you took them over a 40 month plan within 5 different calendar years.
Of course, not that you would bust the plan, but if you do the penalty would only apply to the first two distributions because the last 3 were distributed after you reached 59.5.2017-01-03 18:32, By: Alan S, IP: [22.214.171.124]
L2: end of 72t review I like to thank Gordon and all the past and current contributors… As you know most in the financial community are CLUELESS regarding 72T plans so could not have even begun to execute my plan without all your help. ;)2017-01-04 01:31, By: Bob_85364, IP: [126.96.36.199]