How Can We Help?
< Back
You are here:
Print

starting 72t

Posted
Last Updated On
Bygoldengirl

L1: starting 72tI am planning on starting a 72t in April. I have my account with Edward Jones. I have about 270k in my ira. 180k is in an annuity, the rest is stocks, mutual funds and cash. The annuity is in a seperate account. What do I have to do to get them to code my 1099r with a 2. Am I going to have trbl with the IRS like what I am reading on here? I would also like to keep about 15k in cash seperated from the total amount in case of an emergency in the next 10 years! What advise can you give me before I go to my financial advisor to get this set up next week. This sounds really scarey to do this, and it really shouldnt be…but I am very fearful of IRS audits…..never had one..dont want one…Thanks!2010-03-23 19:44, By: goldengirl, IP: [71.10.137.220]
L2: starting 72tIf your financial advisor or tax preparer are not familiar with SEPP 72-T, then get new ones.Set up a new IRA account, and transfer the $ 10,000 that you want to keep separate for emergencies.Use the reverse calculator on this website to calculate how much you need in your SEPP 72-T “IRA UNIVERSE”, based upon the formulas. You are not allowed to arbitrarily decide how much to take each year.Depending upon your needs and tax situation for 2010, you can take distributions of EITHER 100% of the annual amount calculated, or 9/12 as the portion for the remainder of 2010.If you give us your age, we can help you with the calculations and planning.2010-03-24 01:16, By: dlzallestaxes, IP: [173.49.30.37]

L3: starting 72tI am going to be 50 this year..in may..thanks for the help!2010-03-24 12:19, By: goldengirl, IP: [71.10.137.220]

Table of Contents