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Hello,
Regarding the 5 years of equal payments, does a client qualify for having satisfied the rule if he takes at least 60 monthly payments or is there some “calendar year” component to this rule?
Thanks,
Hello,
Regarding the 5 years of equal payments, does a client qualify for having satisfied the rule if he takes at least 60 monthly payments or is there some “calendar year” component to this rule?
Thanks,
Permalink Submitted by Alan - IRA critic on Tue, 2023-08-08 20:16
60 monthly payments are OK, meaning that the last payment would be in the month prior to the month the plan terminates. This amounts to pro rating the first and last years by the month.