Transfer of IRA from one financial Instituton to a new one while collecting 72T

You are here:
< Back

L1: Transfer of IRA from one financial Instituton to a new one while collecting 72Tif someone startingusing a 72t in the beginning of 2004 with one Financial Institution which back thenhad a higherSEPPinterest rateused for the calcualation and now just wants to transfer the IRAto a new Financial Group, everything stays the same as with the original date ?2011-04-27 19:42, By: Jim, IP: [64.12.116.140]
L2: Transfer of IRA from one financial Instituton to a new one while collecting 72TYes, the transfer will not affect the 72t plan, but the total amount distributed for the year between both custodians must match exactly what was taken out in prior years. The plan will still end on the same date it would have before, in this case upon reaching age 59.5.
The transfer should be done directly if at all possible, rather than doing an indirect 60 day rollover.
It is still possible to make the one time switch to the RMD method if they want to in order to reduce the annual payout.
There have been adverse rulings in the event of partial transfers, but no problem at all if this is the one and only IRA that is part of this plan.

2011-04-27 20:41, By: Alan S., IP: [24.119.230.17]