IRA Account Balance for 72(t)
L1: IRA Account Balance for 72(t)One more question, I do not have to wait until a specific day to calculate my 72t payments, correct? I’d like to start mine before Sept 1 to ensure the higher rate, so I would base it off of 8/26 or 8/27’s account value and just keep a print out of the account balance that illustrates the date since a new statement is not available until 8/31. Sound good?2010-08-25 20:16, By: h, IP: [184.108.40.206]
L2: IRA Account Balance for 72(t)You could use any date from possibly 6/30 to 8/25, but usually you tax a month-end figure for which you have a statement printout. Usually you take the highest value, so I doubt that you want to take any from the past week or 2, or even any in August since the market has declined significantly during recent weeks.
Rarely do we suggest taking one on a specific date within a month, except in unique circumstances.2010-08-25 20:25, By: dlzallestaxes, IP: [220.127.116.11]
L3: IRA Account Balance for 72(t)The account is and has been all cash. Also, the 72t payment is based off of a specific account balance that was not there a month or two ago. This is why I figured I would ask if it is okay to base it off of a non-statement producing date, such as 8-26.
Just to confirm, this is okay to do, correct?
Thanks in advance!2010-08-25 20:31, By: h, IP: [18.104.22.168]
L4: IRA Account Balance for 72(t)You can use 8/26, but you really should use a date for which you can document the balance – even if it is a printout from their website.
Also remember, the statement date has nothing to do with the effective date of the plan of the interest rate to be used. Theplan effective date and the interest rate are determined as of the date of the 1st distribution.
2010-08-25 20:40, By: Gfw, IP: [22.214.171.124]
L5: IRA Account Balance for 72(t)So as long as the check is cut from my IRA no later than 8/31/2010 I can use the current interest rate of 3.27%, correct? Thanks, again!!!2010-08-25 20:50, By: h, IP: [126.96.36.199]
L5: IRA Account Balance for 72(t)Am I correct in assuming that you have set up a new account, and transferred some, or all, of funds from one or more other accounts to this new one ?
Did you transfer only what you are going to use for this first SEPP 72-T plan ?
Is there anything left in the other account(s) which you have left for emergencies, or additional SEPP 72-T plans in the future ?2010-08-25 20:55, By: dlzallestaxes, IP: [188.8.131.52]