One time change

You are here:
< Back

L1: One time changeI am 57 and have been taking a 72t for 2 years in the amount of 3200 monthly. I want to reduce it to 1200 monthly with the new ruling just released. Do I have to go thru the formality of recalculating my availabe amount, or can I just cut to the chase and drop my withdrawal down to 1200 immediately. Approximate value of my IRAs are 500,000 total. Thanks for your help. 2002-10-18 14:10, By: Dan, IP: [127.0.0.1]
L2: One time changeYou best go through the process of recalculating and documenting the change – this would include the valuation date for the assets and the life expectancy factor used for the payment.
Remember, under the MD method you have to recalculate annually and you should also document that. You still can’t just pick an arbitrary number without busting the plan. 2002-10-18 14:26, By: Gfw, IP: [127.0.0.1]