Keough withdrawals

L1: Keough withdrawalsIs it possible for a 45 year old male to withdraw $50,000 a year for five years without a penalty if he has a Keough worth $1,000,000?2007-04-19 08:04, By: Tom, IP: [12.64.66.93]
L2: Keough withdrawalsWhile a SEPP plan may well be constructed to result in a 5% payout, it must last until age 59.5, about 3 times as long as the 5 years stated. If busted, the penalty and interest is incurred to the inception year of the plan. Age 45 is typically the start of peak accumulation years, not distribution years barring disability, which would constitute it”s own exception to early withdrawal penalties.2007-04-23 17:56, By: Alan S., IP: [24.116.66.98]

L2: Keough withdrawalsOn this, and any tax forum, you get the best answers by giving the most facts. You should indicate the reasons for the withdrawals. For example, if your need is for qualified higher education expenses, these are an exception from the 10% early distribution penalty. If you want to borrow it, and then pay it back, you can”t. That thype of transaction is only available to company plans if the employer allows it, and is limited to a total of $ 50,000 and must be paid back within 5 years.2007-04-24 09:12, By: dlzallestaxes, IP: [141.151.90.100]