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[[I am eligible for 5 and 10 year income averaging of total withdrawel from a
401K (over 300K).]]

No...not necessarily. Your employee elective deferrals are NOT available for the 5/10 year averaging. You can read more about this in IRS Publication 575 at the IRS web site.

[[ After looking at the tax schedules (as high as 50%) I fail to
see the advantage of income averaging versus partial withdrawels starting at age
70-1/2 in six years. I don't need the money now and intend to leave most of it to
children. Am I missing some advantage?]]

Without knowing more about your personal financial situation, it's impossible to say. But if you don't need the money, why pay the tax. But if you want to leave the funds to your kids, you might want to consider paying the tax now (or at least before you die), since SOMEBODY will pay the tax on these could be BOTH your estate AND your kids.

So you might want to take this question to an estate planning pro with experience in such matters.

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