Starting a SEPP
L1: Starting a SEPP
I am about to start a SEPP.
I am 51 years old (01/08/1962).
Date of first distribution (06/30/2013) Hopefully.
I am using three different funds from Vanguard,all threeare qualified to be in the SEPP.
Each have varying amounts.
Do I need to do a calculation on each fund, or can they all be lumped together and I just fill out the paperworkonce? Two of the funds are relatively small, one 28K and one 44K, while the third is the bulk ofwhat I will be using, 677K. Can someone enlighten me on this?
Thank you. 2013-06-18 10:31, By: Greg, IP: [126.96.36.199]
L2: Starting a SEPPIf all three accounts are to be part of your SEPP, then you can add the three together for your calculations.
However, if you don’t need the full income generated by all three accounts, consider leaving one account out of the calculation (and not to be part of the SEPP) to be used for any possible future emergencies. 2013-06-18 11:42, By: Gfw, IP: [188.8.131.52]
L2: Starting a SEPPAre these three FUNDS in separate ACCOUNTS?
If these three FUNDS are in one ACCOUNT and you are not planning on using one of the funds, that FUND must be moved to a separate account before starting the SEPP.
2013-06-18 12:30, By: meb24, IP: [184.108.40.206]
L2: SEPP Person at VanguardI have tried contacting someone at Vanguard with knowledge of SEPP Plans to no avail. It seems the people I am put into contact with just don’t have a strong grasp ofSEPP Plans. Does anyone have a solid contact at Vanguard whom they have used who I could call?
Greg2013-06-18 13:53, By: Greg , IP: [220.127.116.11]
L3: SEPP Person at VanguardI’ve asked my daughter at Vanguard to see if she can get me the name/number of a specialist.
However, what questions do you have that we are not able to answer for you on this forum which is devoted to SEPP 72-T plans ?2013-06-18 14:16, By: dlzallestaxes, IP: [18.104.22.168]
L4: SEPP Person at VanguardSEPP 72-T plans are handled at Vanguard 800-205-6189, M-F 8 AM – 8 PM Eastern Time, Sat 9 am – 4 pm.2013-06-18 15:10, By: dlzallestaxes, IP: [22.214.171.124]
L4: SEPP Person at VanguardThanks for the response.
It is very simple. What Vanguard form do I need to use to withdraw money utilizing the SEPP?2013-06-18 15:54, By: Greg, IP: [126.96.36.199]
L5: SEPP Person at VanguardAre all 3 funds in 1 account or do you have 3 different account numbers at Vanguard?
This makes a difference.2013-06-18 16:39, By: brkr12002, IP: [188.8.131.52]
L6: SEPP Person at VanguardWhen you contact the “SEPP Person” at Vanguard, he/she will explain what forms you will need to set it up. Typically firms have one “Withdrawal Form” and several options on the form indicating what type distribution(s) you are taking.
However, please answer the previous question(s) as to how many accounts you have. You will need to have the proper amount of money in one IRA account to generateyour desired distribution. If your “SEPP Universe” is multiple IRA accounts then you will have problems managing your program.
As has been mentioned before, the recommended method is to have one account for your SEPP Plan and other IRA accounts separate from the SEPP Plan Universe to make “penalty withdrawals” for emergencies so you don’t bust the SEPP Plan.
Jim F2013-06-18 18:06, By: Jim F, IP: [184.108.40.206]
L7: SEPP Person at VanguardMutual funds can be tricky. We are not asking you how many mutual funds your IRA(s) are invested in, but rather how many different IRA account numbers do you have for your IRAs.2013-06-18 18:20, By: dlzallestaxes, IP: [220.127.116.11]