Multiple IRA Accounts

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L1: Multiple IRA AccountsI am looking at starting a new SEPP plan, currently 54 years of age as of 7/11/15. Planning to start distributions on 8/20/15.
IRA #1: 282670.25 in Ally IRA savings and CDs.
IRA #2: 101265.35 in CIT IRA savings and CDs.
IRA #3: 18265.39 in FIB IRA savings and CDs.
IRA #4: 96384.27 in American Financial investment IRA.
IRA #5: 36216.94 in Heartland Financial investment IRA.
My questions are:
#1: Can I use the total amount of my IRA accounts $5342802.20 to calculate my annual disbursement amount?
#2: Can I have the distribution taken from justone of the accounts?
Please respond.2015-08-02 03:45, By: Requesting Assistance, IP: []

L2: Multiple IRA AccountsFirst of all, you made a typing error. The accounts that you listed equal $ 534,802.20 and not $ 5,342,802.20. I suggest that you use commas in your figures in the future. The difference is only about $ 4.8 million, which is obviously significant to the planning.
You COULD do that, but I would not recommend it.
You can always take distributions from 1, several, or all of your IRA accounts that are “PART OF THE SEPP 72-T UNIVERSE” (i.e. included in your initial calculations).
We usually recommend using the calculator on this website to determine the MINIMUM that you could/should include min you SEPP 72-T calculation. Then we suggest moving the excess to 1 or more other IRA accounts for future additional SEPP 72-T UNIVERSES.
In your case, you are already set up with multiple separate IRA accounts if you do not need all of them.2015-08-02 05:05, By: dlzallestaxes, IP: []

L3: Multiple IRA AccountsThank you for the quick response, and pointing out my typing error.
For clarification: Is it acceptable touse the amounts fromany/all IRA accounts to calculatea disbursement amount, and then pull that amount from a single account containing sufficient funds to not be depletedthru therequired duration period? 2015-08-02 19:00, By: Requesting Assistance, IP: []

L4: Multiple IRA AccountsYES.2015-08-02 19:01, By: dlzallestaxes, IP: []

L5: Multiple IRA AccountsIf you are using a certain combination of these IRA accounts for your SEPP calculation, remember that all the accounts included in your initial total balance remain part of your plan. As such, they cannot be transferred into a non SEPP IRA account already in existence and cannot receive a contribution of any type. Posting of interest is not a contribution and therefore is OK. If at all possible, be sure to move any of these accounts by direct trustee transfer only if you have to change custodians:
1) You areonly allowedONE indirect rollover for per 12 month period in total under the IRS changenewly effectivethis year.
2) An indirect rollover must be reported on Form 1040 and may trigger more IRS attention to your plan. There have also been prior IRS issues with PARTIAL transfers (meaning either direct transfer or 60 day rollover), so if you must do one, the non reportable transfer is much safer since there will be no 1099R and no reporting needed on your return.
3) Better to reject IRA withholding in most cases, but unless you decline it, 10% will be withheld. Use other withholding sources or quarterly estimates or be very careful if you still want IRA withholding.2015-08-03 18:38, By: Alan S, IP: []

L6: Multiple IRA AccountsThank You Alan S, your input is greatly appreciated.2015-08-04 03:23, By: Requesting Assistance, IP: []