Your 72t result disagrees with Bank Rate’s
L1: Your 72t result disagrees with Bank Rate’sNewly (Sept 1st) retired (DOB 11/22/60) and planning a maximum annual SEPP distribution rate from a $900K IRA starting 12/05/2015 using your 2.00% (120% x mid fed rate for Dec), plus I zeroed-out the 4 & 3 % default interest rates – which I don’t understand but don’t think they apply to a comparison with other 72t calculators – produces an annual SEPP distribution of $32,072 vs. BankRate’s and two others’ results for same inputs of $40,583. Why this huge difference for what should be an identical calculation?2015-11-27 20:59, By: newbie55, IP: [184.108.40.206]
L2: Your 72t result disagrees with Bank Rate’sI get 40,582.70 for the amortization method on this site’s calculator. Figures in the 30,000-33000 area had to be based on the RMD method, which you should not be using because they produce far less in annual distributions. This means that you entered the date correctly on the other calculators, but made an error in entering data in the calculator on this site.2015-11-28 01:25, By: Alan S, IP: [220.127.116.11]
L3: Your 72t result disagrees with Bank Rate’sAlan, I can’t explain your duplicating my Bank Rate’s result (assuming you actually got it with this site’s SEPP calculator), but I can assure you that my results here are exactly as I stated and are totally repeatable. Being a newbie, my first attempt to post a screenshot to prove it appeared ok to me, but earned me an error with my post disappearing after saving it, so I’ll try posting it differently this time. Hopefully you’ll be able to see that it’s your assumption that I made a mistake inputting my variables that’s incorrect.
Hmm, received another error telling me to remove my linked screenshot.
Oh well, unless someone can tell me how to post a jpeg here without linking it to its web page source, I guess you’ll have to take my word for it. OTOH, I’ll come back and edit it back in if I’m told how it’s done on this forum.2015-11-28 08:38, By: newbie55, IP: [18.104.22.168]
L2: Your 72t result disagrees with Bank Rate’snewbie55…
You can’t post links to anything that might like to another site or include images, which is why you received the error messages. Only people that we know can make posts with links – keeps the junk posts to a minimum.
However, I can see your image and the first thing that I noticed is that the minimum distribution factor was 41.6 where it should only be 29.6 using the single life calculations. The other life expectancy factors were also way off.
My guess is that you either used joint calculations or the uniform table. For single life calculations my results are 40,582.70 for the amortization method. I also suggest that you don’t use a zero investment rate.
In short, make sure that you only select the options that you need/want. Options arew explained by pressing the [Help] button in the upper right.2015-11-28 10:25, By: Gfw, IP: [22.214.171.124]