Need help determining my options with a 72(q) 3/31/2013 mod date
L1: Need help determining my options with a 72(q) 3/31/2013 mod dateMy DOB: 06/01/1951
My wife’s DOB: 10/19/1954
My first monthly distribution was on 3/31/2008.
I am the owner AND annuitant on the fixed annuity. My wife is a joint owner, but not an annuitant. Everything is reported under my SS#.
I know most of this site is dedicated to 72(t) information and as such, a joint owner is not possible. I need to know a few things:
1) Does our 5-year rule expire on 3/31/2013? If not, when?
2) I expect 3 more monthly SEPP payments in Jan., Feb., and March. Can I receive all three of those payments NOW and do a full section 1035 of my annuity without triggering any issues with the IRS?
3) If my 72(q) mod date is not until 4/19/2014 (when my wife is 59.5), can I do a full exchange of my fixed annuity before that date so long as I continue my SEPP payments with the new carrier?
Thanks in advance!!2013-01-08 19:09, By: Jointly-owned 72(q) Mod Date??, IP: [188.8.131.52]
L2: Need help determining my options with a 72(q) 3/31/2013 mod dateThe part that amazes me is that they even allowed you to do a SEPP with a jointly owned annuity unless it is 100% annuitant driven in which case there is no status to the joint owner..
You best bet is to contact the current insurance company and get a response from their legal department.
They will be able to read the contract and it is the insurance company that will complete the required tax forms if any.2013-01-08 20:52, By: Gfw, IP: [184.108.40.206]
L3: Need help determining my options with a 72(q) 3/31/2013 mod dateI’m amazed that someone would have gone into this type of transaction without having received a written response from the insurance company as to joint ownership being valid, and how it is handled after the 5-year period.
With the money that is probably involved, I think it would be a worthwhile investment to retain an attorney/tax professional knowledgeable in this specific area.2013-01-09 02:55, By: dlzallestaxes, IP: [220.127.116.11]
L4: Need help determining my options with a 72(q) 3/31/2013 mod dateOk, I’ll contact my carrier and see what they say.
For argument’s sake, lets say I was the sole owner/annuitant. What would my options be before my mod date of 3/31/2013?
Could I take my last three monthly installments as a lump sum now and proceed with a full transfer/exchange of my annuity BEFORE 3/31/2013?
2013-01-09 16:51, By: 72(q), IP: [18.104.22.168]
L5: Need help determining my options with a 72(q) 3/31/2013 mod dateYou aren’t, so there is no point in discussing or guessing as to outcome or consequences.
Come back after you have talked to the insurance carrier and re-post your question once you have their response. 2013-01-09 16:56, By: Gfw, IP: [22.214.171.124]
L6: Need help determining my options with a 72(q) 3/31/2013 mod dateThe plan would have ended on 3/31/2012, and hopefully you didn’t take more than 60 monthly installments, or the plan would have been busted.2013-01-09 17:06, By: Scott, IP: [126.96.36.199]
L7: Need help determining my options with a 72(q) 3/31/2013 mod dateThis post is closed – no more replies accepted.2013-01-09 17:33, By: Gfw, IP: [188.8.131.52]