How Can We Help?
< Back
You are here:
Print

Reasonable cause on 72t modification

Posted
Last Updated On
ByRCL

L1: Reasonable cause on 72t modificationI have a client in a similar situation as many of the other posts discuss– That his IRA will be depleted in 6 to 8 years unless he reduces the SEPP amount. It is my understanding that if the SEPP is modified and reasonable cause is shown that the IRS will waive the 10% penalty. Is it safe to assume that the IRS will consider the depletion of the IRA to be reasonble cause so that the individual is not totally dependent on Social Security for retirement income. 2002-06-19 14:38, By: RCL, IP: [127.0.0.1]
L2: Reasonable cause on 72t modificationTo date there have been no penalty waivers for reasonable cause.There are several PLRs pending, but no rulings that have allowed changing of the payment for any reason.Where are you getting your information?2002-06-19 15:56, By: Gfw, IP: [127.0.0.1]

Table of Contents