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Multiple SEPPs; Bust 1

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ByFifi

L1: Multiple SEPPs; Bust 1It appears thata person can split an IRA into 2 IRAs, and start taking SEPP distributions from both on the same day? If one of them has to be busted, is the penalty paid only on the one busted account, or from the total of all of the SEPP distributions made to date?2004-03-21 20:48, By: Fifi, IP: [128.157.3.122]
L2: Multiple SEPPs; Bust 1The interest & penalties will only need to be paid on the busted SEPP plan.
TheBadger
wjstecker@wispertel.net
2004-03-21 21:32, By: TheBadger, IP: [38.116.134.130]

L2: Multiple SEPPs; Bust 1Suggest setting up a larger IRA for SEPP and a smaller one for emergencies so you only pay apenalty on funds you actually take from the non-SEPP IRA.
Jim2004-03-22 08:34, By: Jim, IP: [68.1.147.61]

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