Multiple IRA Accounts – 72t exemptions

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L1: Multiple IRA Accounts – 72t exemptionsI have 2 Traditional IRA’s. Can I keep these accounts separate and set-up 72t exemptions on each account providing SEPP from each account without penalty? or am I limited to only 1 IRA account with this exemption?
I have had different answers from different professionals. I also see contra-indicating answers on-line.
Thanks in advance for your help.
JJC2015-09-30 21:31, By: JJC, IP: []

L2: Multiple IRA Accounts – 72t exemptionsYou can have two independent 72t plans, one for each IRA account, but that can result in confusion. It would be better to determine the ideal distribution amount and what balance is needed to produce that. Then directly transfer enough from one IRA to another to generate the account balance needed. Use that account for the 72t plan and what is left is not part of any plan but available for emergency distributions subject to penalty. This approach assumes you do not need every penny of account balance to fund your expected expense needs.
If you DOneed the total balance to be part of a 72t, then you could run two separate plans under which you would only bust one of them if you had to. In that case, you might still partition the balance to something like 70-30 and then bust the smaller plan if you have to. That will protect the larger IRA account from retroactive penalties. Be sure to do any partitioning of accounts before your plan balance is determined and certainly before any distributions begin.
2015-09-30 22:36, By: Alan S, IP: []