72(T) Questions – Tom Rush

Submitted by Tom Rush on Wed, 2013-05-15 18:53

1. Can you have more than one IRA in a 72(T) withdrawal per year?
2. When you have a 72(T) set up does the dollar amount have to pull out the same time every year or just for that current year ? Example: Can you pull february 1st of 2012 and then next year pull april 1st 2013. What are the rules on withdrawal…



Submitted by Alan - IRA critic on Wed, 2013-05-15 18:58

  1. Yes, you can have more than one IRA account included in the plan. The balances of both must be considered in the calculations and distributions can be taken in any combinatiion from the IRA accounts.
  2. Withdrawals can be taken at any time in the calendar year and the date and number of distributions can change from year to year, ie. the IRS only considers the total reported on the 1099R.

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