Started SEPP program 4/14 ,now can I take a withdrawal outside of that plan
L1: Started SEPP program 4/14 ,now can I take a withdrawal outside of that plan What i want to do is keep my 15k sepp coming in yet take a addtional60k from IRA to pay off bills . Ill pay the 10% penalty (on the 60k) if i can keep the orginal sepp going !!!
Is this possible or not ?? Thxs in advance!!!!2014-11-01 18:02, By: larry, IP: [220.127.116.11]
L2: Started SEPP program 4/14 ,now can I take a withdrawal outside of that plan If coming from the same IRA that you are using for the SEPP, the answer is no. What you may want to do if you really need the plan, bust it and pay the 10% penalty on all of the SEPP withdrawals to date and than start an new SEPP the remaining balance – also would result in a new annual payment based on the remaining balance. 2014-11-01 18:52, By: Gfw, IP: [18.104.22.168]
L3: Started SEPP program 4/14 ,now can I take a withdrawal outside of that plan Your plan is only 6 months old and you already need 60k for bill payments? Sounds like a complete lack of planning when setting up your plan. This is a good time to carefully research SEPP plans and review the planning pointers on this site before starting another plan. Remember that any plan must provide enough padding for inflation and unexpected expenses or the plan will quickly be busted.2014-11-02 01:02, By: Alan S, IP: [22.214.171.124]