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Personal Finances / Buying or Selling a Home
|Subject: Re: Not Qualified||Date: 11/25/2013 7:15 PM|
|Author: inparadise||Number: 126568 of 127952|
Under SEPP, why not?
He wasn't self-employed. He was just rich. ;-)
In this case, SEPP has nothing to do with self employed but refers to Substantially Equal Periodic Payments, also known as the rule of 72T where one can access without penalty one's tax deferred retirement accounts without penalty before 59.5. You have to take distributions based on the balance of the account and your life expectancy for 5 years or until you reach 59.5, which ever is longer, in order to avoid the (IIRC) 10% penalty in addition to taxes for premature distribution of a retirement account.
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