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incorrect calculation

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ByJJ

L1: incorrect calculationI inadvertantly used a higher interest rate (6%) than the new 120% rule in a 2003 SEPP calculation. I had bifarcated the IRA (rollover)at the inception ( 700k and 100k) and applied the SEPP to the 700k portion. If the 100k is considered jointly with the 700k, the SEPP amountis ( by chance)the correct calculation.
What, if anything, should I do now?
Thanks2004-05-27 19:08, By: JJ, IP: [216.160.105.229]

L2: incorrect calculationYou don’t mention when the SEPP was implemented. If the plan was properly done, it’s really to late to start combining accounts to do backward calculations.
The 6% rate was too high – plan busted.
Moving additional assets into an existing SEPP – plan busted.
I have a hard time believing that the Trustee’/Custodian would give to a 1099 code of ‘2’ based on a 6% interest assumption. Suggest that you get together with your tax advisor – maybe he/she can suggest a solution.2004-05-29 05:28, By: Gfw, IP: [64.109.252.124]

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