I'm trying to decide if Turbo Tax can do a Substantially Equal Periodic Payment or SEPP.
Or do I need to hire a CPA?
The rules seem to apply to me and I went online and looked at a calculator and I think I know the amount I can withdrawal.
Is there a way to do this in Turbo Tax?
I assume the process is, I take a distribution from my IRA (I'm separated from my previous employer and have 295k in my IRA) and I make sure that distribution is annual and it's substantially the same every year. I'm 51, so I'll have to make this same distribution until I'm 59 1/2 years old each year. I do not make any contributions to this IRA (My money is currently in a self directed IRA) and the only money that goes into this account is from a home I own that is actually owned by the IRA and the rent goes into the IRA (The 72t rules say you can't make any contributions and I'm thinking the rent on the house owned by the IRA isn't considered a contribution).
Ok, so, if I've got all of this right, can I do this through Turbo Tax next year if I want to take a SEPP starting this year and each year until I'm 59 1/2 years old and just make sure I stay under the calculated amount?
Thanks for your help!
