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How to Pay Back Taxes On a Busted 72-T Plan

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ByLANMAN

L1: How to Pay Back Taxes On a Busted 72-T PlanI started my 72T distributions in Dec 03, with a bi-yearly pay out schedule. Since I moved some of the money from the 72T IRA to another, I have been informed the 72T was broken by a CPA. So, how do I file the 10 % penalty on all the distributions I have taken? The company that holds my IRAs sent me the usual 1099-R on the yearly distributions. Are they responsible for sending me the correct forms or do I file one that I have filled out, and if so, what form would that be? 2007-02-11 12:51, By: LANMAN, IP: [66.177.26.172]
L2: How to Pay Back Taxes On a Busted 72-T PlanFirst question… Are you sure that you bustedyour plan?
When you did the transfer, were any assets added or removed or did you merely transfer a part of the SEPP assets to a new IRA that only consisted of the transferred SEPP assets?2007-02-11 13:39, By: Gfw, IP: [74.136.109.63]

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