Fidelity dodges my question

L1: Fidelity dodges my questionI opened a SEPP re certain of my Fidelity IRAs in 2003. Under this SEPP I receive one, lump sum distribution each year on September 15th.
I just wrote to Fidelity asking if it would invalidate the SEPP if I changed the distribution date to January 1, effective January 1, 2004.
I expected a negative answer, based on my having read prior posts to this site.
However, Fidelity would not answer the question. They said they would change the date to January 1 if I sent them a letter directing them to do so. However, they also said that they could not answer my question and that I had to contact my tax advisor to get an answer.
If the law is clear on this point, why would Fidelity not answer? Do I run a risk if I make this change?2003-12-19 21:12, By: mikek, IP: [152.163.253.7]

L2: Fidelity dodges my questionFidelity won”t answer your question simply because they would be giving you tax advice and that isn”t their business. The did give you the right advice, you should check with your legal/tax advisor. With that said, remember, regardless of who give you advice or what changes you make, it is always between you and the IRS – you are the only parties to the agreement. You more appropriate question to Fidelitymight have been, “How will you be coding the 1099?”Do I think that you will have a problem if you make the change? Answer, No. In a SEPP, the plan must distribute pre-determined amount each year – it makes no difference whether it is an annual distribution, a monthly distribution – just as long as the total distribution is made by 12/31.2003-12-21 06:07, By: Gfw, IP: [127.0.0.1]

L2: Fidelity dodges my questionFidelity will never give you info. I have had IRA”s at Fidelity for at least 10 years and have been taking Sub. Equal Payments and am under age 591/2. One thing you can count on is they will botch the distribution or otherwise cause you grief each and every year. If I had to do it over again I would not use Fidelity.2004-01-12 10:17, By: Bob, IP: [209.179.168.55]

L2: Fidelity dodges my questionHello mikek:
Think about for a moment. Fidelity (or any other trustee) has little and definitely incomplete information as to whether you are complying or not complying with the law and the particulars of your SEPP plan. Further, trustees are not in the business of “invalidating SEPP plans”; instead, they are in the business of doing whatever you tell them to do. If you invalidate your SEPP plan, that”s your business, not theirs.
Thus, the more important question, is what will they put in box 7 of your 1099R. It should be a “2”, again because you tell them to.
Lastly, I see no difficulty with changing intra-year distribution dates as long as the sum of distributions for a calendar year total to the correct amount.
TheBadger
wjstecker@wispertel.net

2004-01-12 10:25, By: TheBadger, IP: [38.116.134.130]