Shorter life expectancy calculator?
L1: Shorter life expectancy calculator?Hello all. Newone here having just heard about IRA 72 (t) SEPP Plans as well as this informative site.I wish to inquire if there are shorter life expectancy calculators that are applicable/available to an IRA SEPP I am thinking of establishing. I am currently 54, and understand a LE of 30 to be unrealistic; even 59.5 years (5 years from now) might be a stretch. My goal is to allow a higher monthly withdraw legally. Secondly, I have used the search engine both at the home page and here at this Discussion Forum using the word “disability” for additional insight into these unique circumstances, but all that comes up is a download software page.Must I download this to view your forum responses on disability situations. Thank you in advance for any insight you may offer.2008-11-19 10:47, By: Roughtimes, IP: [184.108.40.206]
L2: Shorter life expectancy calculator?Short answer is NO.Here is thedefinition ofdisability that appears in our FAQ…Q. What is the Definition of Disability for 72(t)?? A. The definition of disability can be found in IRC Section 72(m)(7). In one case,Dwyer v. Comm., 106 TC No. 18 (1996), the Tax Court agreed with the IRS and stated… For purposes of this rule, an individual is considered disabled if “he is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or to be of long-continued and infinite duration.” The Code specifies that an individual must be able to furnish proof of his disability in whatever form and manner that the Service may require. The court noted that the regulations under Section 72 also state that an impairment that is remediable does not constitute a disability.If you are disabled, you don’t need a SEPP plan.2008-11-19 10:56, By: Gfw, IP: [220.127.116.11]