When does 72t end…
we have a client that began his 72t distributions on 12/20/2002, currently the 72t is setup on an ANNUAL withdrawal on January 4th (last w/drawal was 1/4/13) – client turns 59 1/2 on 3/1/13 and is looking to withdraw additional funds from his IRA…technically, when does his 72t end, is he ok on withdrawing additional funds?
Permalink Submitted by Alan - IRA critic on Thu, 2013-02-28 19:03
The 72t modification date on this plan is 3/2/2013 as the plan ends on 3/1. Starting 3/2 client can take as little or as much as he wishes from his IRA. For 2013, he would get two 1099R forms with the distributions after tomorrow being coded 7 (normal distributions). I added one day for a safety margin, so hope he can wait until Monday.