SPIA and IRA

L1: SPIA and IRAI have had a SPIA since 2002. I would now like to use my IRA to set up a 72t distributuion for the next 5 years only. I am 54 1/2. Am I able to have 2 separate 72t accounts distributing to me simultaneously? Also, where in the IRS rules could I find this answer? Thanks2007-10-18 16:19, By: EJ, IP: [24.34.190.80]
L2: SPIA and IRAYou can have separate SEPP plans with different IRA accounts assigned to each. You can also have a 72q plan which is only slightly different because section 72q requires the payment to last over the life expectancy rather than just 5 years or age 59.5. Your SPIA is is covered under 72q and you have likely been getting the exception code on your 1099R. The IRS has also indicated that Notice 2002-62 applies to 72q as well as 72t.
Therefore, there is no reason that you cannot establish a 72t plan with your IRA, although that one will only have to last until you are 59.5 or 5 years if longer, while the SPIA stays in force for your lifetime.
2007-10-18 17:04, By: Alan S., IP: [24.116.165.60]

L2: SPIA and IRAThanks very much for the information. Fortunately, I just turned 54 1/2 this week, 5 years will coincide with 59 1/2.!2007-10-18 18:10, By: EJ, IP: [24.34.190.80]