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Calculators, forums, articles and more on 72(t) and 72(q) /SEPP Plans. Includes RMD Calculators...

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  • An individual started a substantially equal periodic payment (SEPP) / 72(t) program from his IRA three years ago.  This year ( three months ago to be exact), he withdrew more than the amount allowed under the SEPP. I understand this has ‘busted’ the SEPP.

    1. How much penalty will he owe?
    2. He still needs SEPP amounts to cover his living expenses. Should he continue the SEPP?

     

     

  • Can I recharacterize only a percentage of the contribution I made to my Traditional IRA? Or do I need to recharacterize the entire amount? I want to have a portion applied to my Roth IRA.