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- Substantially_equal_periodic_payments abstract "Substantially equal periodic payments (SEPP) are one of the exceptions in the United States IRS Code that allows receiving payments without the 10% early distribution penalty from a retirement plan or deferred annuity before the usual 591⁄2 age restriction under certain circumstances. The rules for SEPPs are set out in IRS code section 72(t) (for retirement plans) and 72(q) (for annuities), and allow for three methods of calculating the allowed withdrawal amount.Required minimum distribution method, based on the life expectancy of the account owner (or the joint life of the owner and his/her beneficiary) using the IRS tables for required minimum distributions.Fixed amortization method over the life expectancy of the owner.Fixed annuity method using an annuity factor from a reasonable mortality table.The interest rate that can be used in the latter two calculations has been fixed at one not more than 120% of the Applicable Federal Mid Term rate (AFR) for either of the two months prior to the calculation. SEPP payments must continue for the longer of five years or until the account owner reaches 591⁄2. The payments cannot be changed beyond a one time allowed change from one of the latter two calculation methods to the first or all of the payments received will be retroactively taxable and penalized.If the retirement account owner withdraws more or less than the amount calculated under the SEPP formula, the 10% early distribution penalty that was waived would apply in all instances (where it was waived under the SEPP program), and interest on those amounts will also apply.Note that the SEPP rule applies to the 10% early distribution penalty only, and does not affect the treatment of distributions as income. In particular, Roth IRA distributions taken under the SEPP rule will be taxed as income a second time --- a substantial penalty.[citation needed]".
- Substantially_equal_periodic_payments wikiPageExternalLink rr-02-62.pdf.
- Substantially_equal_periodic_payments wikiPageExternalLink p575.pdf.
- Substantially_equal_periodic_payments wikiPageExternalLink p590.
- Substantially_equal_periodic_payments wikiPageExternalLink 0,,id=103045,00.html.
- Substantially_equal_periodic_payments wikiPageID "5379739".
- Substantially_equal_periodic_payments wikiPageRevisionID "559075896".
- Substantially_equal_periodic_payments hasPhotoCollection Substantially_equal_periodic_payments.
- Substantially_equal_periodic_payments subject Category:Personal_taxes.
- Substantially_equal_periodic_payments subject Category:Taxation_in_the_United_States.
- Substantially_equal_periodic_payments type Abstraction100002137.
- Substantially_equal_periodic_payments type Charge113400798.
- Substantially_equal_periodic_payments type Levy113308864.
- Substantially_equal_periodic_payments type Liabilities113396054.
- Substantially_equal_periodic_payments type PersonalTaxes.
- Substantially_equal_periodic_payments type Possession100032613.
- Substantially_equal_periodic_payments type Relation100031921.
- Substantially_equal_periodic_payments type Tax113308999.
- Substantially_equal_periodic_payments comment "Substantially equal periodic payments (SEPP) are one of the exceptions in the United States IRS Code that allows receiving payments without the 10% early distribution penalty from a retirement plan or deferred annuity before the usual 591⁄2 age restriction under certain circumstances.".
- Substantially_equal_periodic_payments label "Substantially equal periodic payments".
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- Substantially_equal_periodic_payments sameAs Q7632086.
- Substantially_equal_periodic_payments sameAs Q7632086.
- Substantially_equal_periodic_payments sameAs Substantially_equal_periodic_payments.
- Substantially_equal_periodic_payments wasDerivedFrom Substantially_equal_periodic_payments?oldid=559075896.
- Substantially_equal_periodic_payments isPrimaryTopicOf Substantially_equal_periodic_payments.