one time change to 72T

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L1: one time change to 72TI have a client that is taking an existing 72t payment. His birth day is 6-14-55 and he began his payment on 10-15-2000. He is currently drawing 25,176.00 or 2,098/mo and his 12-31-12 balance was $101,418.17 He wishes to begin approximately an 8400/year distribution going forward. Can you calculate this for me to see if he could switch in 2013 or in 2014. His balance for year end 2013 will be approximately $60,000. I am unfamiliar with which of your calculators to use.
Thank you in advance for any help that you may provide here.2013-11-08 18:56, By: looking for health care, IP: [173.160.197.209]

L2: one time change to 72TUsehttp://72t.net/72t/Calculator/Distributions- the method would be the Minimum Distribution Method.$8,400 isn’t really an option – probably hiigher than the amount alllowed.
Since this is an existing plan the calculator should only vbe used as an approximation. You would be better off geting IRS publication 590 and using the tables based on attained age in 2013 and 2014.2013-11-08 20:12, By: Gfw, IP: [205.178.51.82]

L3: one time change to 72TYou obviously do not understand the basics of SEPP 72-T plans.
He COULD have changed his amount , and reduced it for 2013. However, since he has ALREADY withdrawn OVER $ 20,000 with 10 monthly payments of about $ 2,000, he is already over the reduced ANNUAL AMOUNT that he wants to reduce it to. Reducing monthly amounts are immaterial. It is the ANNUAL TOTALS that matter. He must take his regular monthly payments for Nov & Dec. Then, based upon his 12/31/2013 balance, he can recalculate a lower ANNUAL and monthly payment for 2014 and all future years until he is 59 1/2 or extinguishes the balance.2013-11-08 20:45, By: dlzallestaxes, IP: [72.94.41.159]

L3: one time change to 72TThank you Very Much.2013-11-08 21:41, By: looking for health care, IP: [173.160.197.209]

L4: one time change to 72TI plugged in his age and your estimated 12/31/2013 ending balance of only $60K, and it came up with an annual payment in 2014 of only about $2,299 and that would be if he did a one time change, in2014 to Minimum Distribution method. He will need to redo with exact 12/31/2013 balance early in 2014 to get correct figure for 2014, and submit it to the custodian, after telling them to hold up January 2014 payment. (Remember to divide annual if he still wants monthly payments. The first modification date calculator says at his age, and with pmnts starting back in 2000, the first modification is the day after he turns 59 1/2, or 12/15/2014, so other option is to just take the same amount for one more year, and the plan can end at the end of 2014.2013-11-08 21:50, By: Ken, IP: [100.0.1.122]