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Split custodians and withdrawls

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ByBob

L1: Split custodians and withdrawlsBeen waiting to get to 54 1/2 to start 72T. Bought/read the book. Talked with a bunch of folks. Now has arrived. Planned to take money from 401K to a couple of traditional IRA”s with 2 different custodians. Want to take all draws based on total funds from a singlecustodian. Seems that they are not wanting to pay out more than the calculated draw for just their portion of the total. Howbest do I convince them that this all right? What documents/proof can I show them, beyond my “plan”?2006-07-26 08:30, By: Bob, IP: [4.254.148.91]
L2: Split custodians and withdrawlsIf you have already “separated from service”, or will voluntarily or possibly involuntarily after reaching 55, then I suggest delaying implementation of your “plan” until you are 55. There is no need for a SEPP 72-T after you are 55 if you are “separated from service” so long as your 401-k plan permits you to stay with the company plan and start taking distributions, because there is no 10% penalty under those circumstances. That way you only pay the regular income taxes, and do not have to worry about possibly “busting” the SEPP 72-T plan, with its cumulative 10% penalty on all withdrawals to that date.2006-07-26 09:52, By: dlztaxes, IP: [4.175.9.187]

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