Substantially Equal Payments Relief
Substantially Equal Payments Relief
If you initiated early distributions from your Individual
Retirement Account (IRA) in the last couple of years using a
Substantially Equal Payment plan, your annual distribution
amount may be more than your current account balance can bear.
You may think there is nothing you can do to alter your
distribution amount and slow down the depletion of your IRA
account. This is not true. The IRS now permits you to make a
one-time, permanent reduction to your annual distribution
amount.
The primary purpose of an IRA is to accumulate assets for
retirement. Therefore, distributions taken before age 59