Getting more out of a SEPP
L1: Getting more out of a SEPPThis will be a new SEPP.
Is there a way to receive more than what the calculators come up with? My IRA balance is strong with adequate other sources throughout retirement, but I’d like to increase this SEPP amount to fit my lifestyle until age 59.5 when withdrawals aren’t an issue.2013-01-15 15:39, By: James, IP: [220.127.116.11]
L2: Getting more out of a SEPPShort answer… No. Unless you attempt to get the IRS to issue new regulations (good luck with that) the answer is no. You could divide the IRA into 2 or more parts and do a SEPP on part and withdrawals subject to the penalty on the other part.2013-01-15 16:00, By: Gfw, IP: [18.104.22.168]
L2: Getting more out of a SEPPThe calculators give the maximum for equal substantial withdraws, but you can additionally take withdraws for all the other exceptions that apply, like medical expences over 7.5% of AGI, premiums (if you lost your job this or last year), higher education, etc. The additional withdraws would only be used in the years they are applicable, but it helps. Keep great documentation.2013-01-31 18:03, By: JFG, IP: [22.214.171.124]