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

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  • A sole proprietor (unincorporated business owner) made contributions in excess of the deductible amount for the previous tax year to his SEP IRA. He has no employees (other than himself) and wants to leave the amount in the SEP IRA and apply it to the current tax year. Is that permissible?

     

  • An individual inherited an IRA from his father.  He is now twenty eight (28) years old. He wants to withdraw a portion of the inherited IRA balance to pay higher education expenses and to cover living expenses. Will he owe the 10% early distribution penalty since he is under age 59 ½?