Establishing starting balance

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L1: Establishing starting balanceCan you use an intraday balance in your account to establish the starting balance or does it have to be at the end of the day.Thanks. Lee2008-09-19 05:40, By: Lee, IP: []
L2: Establishing starting balanceHello, Lee:I”m not sure what the IRS requires on this but most people use either an end or a beginning of the month value near when their SEPP payments begin as their starting value. Typically, those who do not use these will use the value of their account(s) as of 12/31 of the previous year. In most cases, you will want this value to be relatively close in time to the start of your SEPP payments. My 1st SEPP payment, for example,was on 3/15/2005 and I used the close of business value of my account as of 3/1/2005. Make sure that you document whatever starting value you use by printing out a copy of your statement that shows your name, the account number,the account value, and the date of that valuation.Ed2008-09-19 17:36, By: Ed_B, IP: []

L2: Establishing starting balanceTHIS QUESTION WAS ANSWERED IN A RECENT POSTING. The answer is YES, you can use ANY portfolio balance, on any day, or any time during a day, that you can independently document as to the holdings and valuation. You never have to submit this to the financial institution or IRS, but you must keep your printed documentation forever. The financial institution may ask for a copy to support the annual distribution calculation.2008-09-19 20:51, By: dlzallestaxes, IP: []

L2: Establishing starting balanceI do not know if the IRS has ruled on this, but the interday value should be acceptable as long as the statement or printout includes ALL the assets in the account, even though some of them change value in real time and others only at the end of the trading day. I would avoid getting into after hours sessions or trying some other exotic strategy. An extra couple of dollars for your annual distribution is not worth the risk, even a small risk.2008-09-19 21:17, By: Alan S., IP: []