moving funds from one IRA account to another

[Guest doubledecamp]

Hi, I have several IRA accounts. 2 of them I have even distribution withdraws set up. Since starting the distributions the accounts have grown substantially. Is there any way to move some of the money to another account without penalty? Or, is there any way I can increase the amount of the distributions? I am only 51 but retired.

Thanks,

DD

[jevd]

Hi, I have several IRA accounts. 2 of them I have even distribution withdraws set up. Since starting the distributions the accounts have grown substantially. Is there any way to move some of the money to another account without penalty? Or, is there any way I can increase the amount of the distributions? I am only 51 but retired.

Thanks,

DD

First of all be careful and get some advice from an accountant or tax professional. It sounds as if you are taking distributions of substantially equal payments under an exception in the Internal Revenue Code. Code section 72(t)(2)(A)(4)If you add or subtract to/from the fund you may set yourself up for some harsh penalties. Generally you can move the funds from one trustee to another via a trustee to trustee transfer but you must be careful not to move it through a distribution and rollover as that can bust the plan.

As you didn't give us a lot of information I can only guess this is the case. You need to talk to a professional that is familiar with this procedure.

There is a website dedicated to this area of the Internal Revenue code. It is www.72t.net

Also Revenue Ruling 2002-62 will give you more information as well as manay Private Letter Rulings on the subject.