New SEPP, Balance to use from new rollover account
L1: New SEPP, Balance to use from new rollover accountA end of year change of circumstances has got me scrambling to get my SEPP setup and my first withdrawal made by the end of the year. I have been reading and planning to do this for years and feel pretty comfortable about it all. I tried to get professional advice to back up my numbers but ended up twice just with them trying to hard sell me “products” so screw it. I can do the calculations myself, but due to this rush job I’m now doing I’m left with just one question I would like to ask. I am 52 years old.
I have rolled my 401k over from ADP to a new Vanguard rollover IRA. The whole amount will be used for the SEPP. My only question is only due to the fact that I need to make my first withdrawal in this calendar year, so I can’t really wait for a new “end of month statement”. I have my account summary from December 2 2015 from ADP. Or I can use my account summary from any day with Vanguard. Does it matter what I use as long as I have a document of the balance from some reasonable time frame close to when I do my calculation? I always see people using the end of months. I don’t know if I should use the amount from after it is in the new plan or if it is ok to use a statement from when it was in the previous plan. Thank you very much,
Stephanie2015-12-16 17:52, By: Ssdivot, IP: [22.214.171.124]
L2: New SEPP, Balance to use from new rollover accountYou must use any day-end balance since the 401-K was transferred to the Vanguard Rollover IRA. Most people use a month-end because it is the easiest to document, but a Vanguard downloaded schedule will be ok. It will probably have a date on it to document the schedule timing.
DO IT ASAP BECAUSE FROM NOW TO 12/31 IS BRUTAL AT VANGUARD, AND ALL FINANCIAL INSTITUTIONS, FOR DOING THIS, RMD distributions, tax Loss selling, etc. I know, becuase my daughter has worked at Vanguard for over 23 years.2015-12-16 22:19, By: dlzallestaxes, IP: [126.96.36.199]
L3: New SEPP, Balance to use from new rollover accountThank you so much2015-12-17 00:12, By: ssdivot, IP: [188.8.131.52]