Going broke with required distributions

L1: Going broke with required distributionsThis is my first visit to this website. I am one of those people who foolishly (in retrospect)decided on withdrawing an annual $ amount unchangable over the 5 year period. Of course this was before the market crash, and I am now rapidly depleting my IRA and will run out before the 5 year period is up. Has anyone any advice or experience with getting a Private Letter Ruling from the IRS to be allowed to change the distribution method?2002-05-02 14:26, By: eelsivad, IP: [127.0.0.1]
L2: Going broke with required distributionsWe are clearly in a grey (or is it gray) area of the law; in fact there is no law. To date, the IRS has successfully dodged any direct answers on this question although I hear through the grapevine that there are several PLRs pending on this question. Unfortunately, PLRs “in the mill” are not subject to public disclosure.There are several persuasive arguments that a taxpayer who suffers “premature account exhaustion”; e.g. the account runs out of assets before attaining age 59 1/2 or 5 years, should be entitled to some relief. The question is if these persuasive arguments are winning arguments. At the monment, no one knows.Drop me a line if you would like to pursue this line of thinking further.TheBadgerwjstecker@wispertel.net2002-05-02 17:53, By: TheBadger, IP: [127.0.0.1]