recaclulate %

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L1: recaclulate % been in my 72t 6 years. interest rate was 6.5 when i started taking payments. took max amount. if i make the 5 year change does it calculate on my originals interest rates or does it work off todays rates. looking to see how much less i would be getting. 72t started 2010, my age now 602016-12-04 01:11, By: publixworker, IP: []
L2: recaclulate % Your SEPP 72-T plan was ended when you reached 59 1/2 since you have been in it for 5 years (60 months). You can take as little or as much as you want to. There is no longer any calcultion, nor any interest rate, involved.2016-12-04 01:16, By: dlzallestaxes, IP: []

L3: recaclulate % got that part about 72t ending, guess real question if i change amount coming to me does it still avoid extra tax2016-12-04 01:21, By: publixworker, IP: []

L4: recaclulate % There is no longer a penalty after 59.5. You can take out any amount you wish and will owe ordinary income taxes on that amount, but no additional tax or penalty. Therefore, you can take out any amount you wish, you can eliminate distributions entirely, or take out more than you were under the plan. Tax but no penalty.2016-12-04 02:27, By: Alan S, IP: []

L4: recaclulate % Distributions after 59 1/2 are not subject to the 10% EARLY DISTRIBUTION PENALTY because they ARE NOT EARLY !!!
You can take any amount between $ 1 to your entire account, or not take any distributions. YOU NO LONGER HAVE A SEPP 72-T PLAN !!!!2016-12-04 05:24, By: dlzallestaxes, IP: []

L5: recaclulate % The correct interest rate that should have been used in 2010, assuming that is when you set up the calculations and took first distribution was in the range of 2 to 3%, depending on what month you did them. It hasn’t been over 5% since November 2007, which was 9 years ago.2016-12-05 04:47, By: Ken, IP: []

L6: recaclulate % As Ken alluded to, you apparently used an incorrect interest rate in your SEPP 72-T. Be happy that IRS did not catch it, and run, not walk, away from it ASAP.
As I said in my last response, you no longer have a SEPP 72-T, so don’t worry about, or belabor, the issue in your original posting. If IRS realizes that your SEPP was invalid, you will owe the 10% penalty for the entire 6 years of your SEPP.2016-12-05 16:40, By: dlzallestaxes, IP: []