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voiding my sepp

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Last Updated On
Bykw

L1: voiding my seppI have an existing SEPP, my birthday is 11/06/1956, the date of first distribution was in April 2015. I am now over 59.5, I need more money from my IRA, I made a SEPP withdrawal in 2015 shown on my tax return filed in April 2016 as a SEPP withdrawal. I made another SEPP withdrawal in 2016 before I turned 59.5, which I had planned to show on my tax return to be filed in April 2017 as a SEPP withdrawal. I now plan on not showing this withdrawal as an SEPP withdrawal on my tax return to be filed in April 2017. I now plan to withdraw more money from my IRA which will void my SEPP. The 10% penalty on the 2015 withdrawal will be $1045, the 10% penalty on the 2016 withdrawal before I turned 59.5 will be $968. I plan on making an estimated tax payment for the total of these two penalties. I know that I will still owe interest on the penalty amounts. Is there anything that I have wrong, or have left out?2016-07-29 19:20, By: kw, IP: [70.199.160.139]
L2: voiding my seppYOU WILL OWE TAXES ON THE DISTRIBUTIONS, IN ADDITION TO THE 10% PENALTY.2016-07-29 19:23, By: DLZALLESTAXES, IP: [108.36.116.44]

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