Non-qualified annuities, SEPPs and Ruling 2002-62

L1: Non-qualified annuities, SEPPs and Ruling 2002-62For anyone who is interested, the following is the question I e-mailed to the IRS from their website and their response:
Your Question Was:Revenue Ruling 2002-62 makes no reference to individually purchased non-qualified annuities or 72 (q). Does 2002-62 apply to a series of substantially equal periodic payments within the meaning of 72(q) or do the old rules (Notice 89-25 and the PLRs that preceded 2002-62 ) still apply to 72 (q). The Answer To Your Question Is:On February 16, 2003 An Automatic 7 Day Interim Response Was Sent.No, Revenue Ruling 2002-62 does not apply to 72(q) (10% penalty for premature distributions from annuity contracts). You will still have to apply the rules contained in Notice 89-25 and the PLRs that preceded 2002-622003-02-19 12:19, By: Beachbum, IP: [127.0.0.1]

L2: Non-qualified annuities, SEPPs and Ruling 2002-62The response that you received is consistent with the response that I received in talking to the people that drafted 2002-62.
The indivisuals with non-qualified annuities has much more flexibility than those individuals subject to 2002-62.2003-02-19 12:30, By: Gfw, IP: [127.0.0.1]