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Verbal information from IRS

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ByLuki

L1: Verbal information from IRSThis is not a question. This is a heads-up! Or don’t necessarily believe the IRS. A person was in yesterday for a second opinion. She had called the IRS and asked if she could get relief from her 72(t) distribution. She was 47 when she started the distributions and she is now 53. She told me she was speaking to a person who was specifically from the department that answers questions on the 72(t). The IRS told her that after 5 years she could stop her distributions and restart them and that there would be no penalty. In other words, at 53 she could stop her distributions, and next month start them over at a lower rate and there would be no penalty. When questioning her, she said she was very specific about the age situation. The caveat to this, is she did not know the gentlemans name and when asking him to tell her where she could read this, he said there was little in writing that she could be guided by. I don’t buy what he told her. What say you? 2002-06-06 09:57, By: Luki, IP: [127.0.0.1]
L2: Verbal information from IRSQuickly:1. Never, ever rely upon what an IRS employee represents to you orally; particularly when it is over the phone. 2. To the best of my knowledge, there is no department that specifically answers questions about 72(t) other than the Assistant General Counsel’s Office — Benefit Plans Section — and these folks DO NOT answer questions over the phone but for the exchange of additional data & information pertinent to a pending private letter ruling.3. Lastly & obviously, what this woman was told over the phone is dead wrong — are we surprised?TheBadgerwjstecker@wispertel.net 2002-06-06 10:33, By: TheBadger, IP: [127.0.0.1]

L2: Verbal information from IRSThanks Badger. Your web sight and discussion group has been a great help.2002-06-06 11:31, By: Luki, IP: [127.0.0.1]

L2: Verbal information from IRSHello Luki:Thank you for your praise, albeit misplaced. This not my website; rather you should direct your thanks to Gfw for spending the time to create it and maintain it.I am simply a reasonably knowledgeable vistor having dealt with 72(t) issues and therefore necessarily the IRS over the last 10 years.TheBadgerwjstecker@wispertel.net2002-06-06 12:50, By: TheBadger, IP: [127.0.0.1]

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