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startup date for 72(t) ira balance

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ByJJ

L1: startup date for 72(t) ira balance4/7/07
I was a teacher some time ago and had 3 separate tax sheltered annuities (TSAs) also known as 403b”s with a single insurance company. I stopped contributing to them long ago when I quit teaching.
Recently, I rolled all three 403b”s into rollover I.R.A.”s. With 3 separate insurance “contracts”, it took a while to complete the process with 2 of them postedas received by the new I.R.A. trustee on 1/29/07 & the third / last posted as received on 3/29/07.
I didn”t receive year-end statements from the insurer, so I don”t have a “clean” 12/31/06 date to determine my balances. Now I want to start a 72(t) SEPP, but am wondering how to determine the balances. Can I just use the first quarter summary statement dated 3/31/07 from the new trustee of the new I.R.A.”s since I don”t have a 12/31/06 balance to use? (No new contributions have been made to further complicate things.) Will the IRS accept a 3/31/07 balance as reasonable for a 72(t) starting soon afterwards?
Thanks for your help!
JJ2007-04-07 08:05, By: jj, IP: [207.69.137.6]

L2: startup date for 72(t) ira balanceHello JJ:
Any reasonable valuation date is acceptable. So, you could use your 3/31/07 account statement or you could potentially logon online and use your 4/6/07 account balance. The key here is that the account balance chosen to start a SEPP plan: (1) preceeds the 1st distribution; (2) uses the entire account; (3) is a provable balance, e.g. a printout or account statement that is external evidence.
TheBadger
wjstecker@wispertel.net

2007-04-07 11:00, By: TheBadger, IP: [72.42.67.116]

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