Early no-pen IRA withdrawal

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  • Black Bart
    Senior Member
    • Jun 2005
    • 3357
    #1

    Early no-pen IRA withdrawal

    How do you do the "substantially equal periodic payments" procedure to beat the 10% penalty? Does the trustee handle it and send something to IRS about it (other than the usual 1099)?
    Tags: None
    • S T
      Senior Member
      • Jun 2005
      • 5053
      #2
      1099r

      The trustee should handle on the 1099R reporting, Box 7 should contain code 2.

      See this link http://www.irs.gov/pub/irs-pdf/i1099r.pdf page 10.

      Sandy

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        • Donanita
          Senior Member
          • Aug 2005
          • 250
          #3
          Also called

          a T Plan by some investors.Had a lot of my clients retire before 591/2 and have their pretaxed plans rolled over to investment companies.They then could withdraw a set amt over the a set time period and omit the 10% pen.

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