Posted on: 10th Apr, 2009 10:41 pm
lost money in recent market - can't afford to keep taking withdrawals - how to stop - can I avoid the 10% penalty?
I am 54 years old and have made 4 withdrawals under 72T
I am 54 years old and have made 4 withdrawals under 72T
The current IRS rules will not allow you to stop the amount of the withdrawal before the end of the 5 year period. However, if you are using the amortization method to calculate withdrawal, you may be permitted to make a one-time permanent change to the "Life Expectancy" method to calculate the withdrawal. If your account has declined, this will allow you to take less money out of your account.
However, if you were already using the life expectancy method, then this will have no effect.
However, if you were already using the life expectancy method, then this will have no effect.