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<p>Good morning Alan:</p> <p>I think we are all going in the same direction with this concept. Let me try an example to see what you think.</p> <p>Assume a 58 year old starts a SEPP IRA which will terminate at age 63, and he has a separate, Non-SEPP IRA. At age 59 he takes a penalty-free, first-time home buyer distribution from the Non-SEPP IRA. Then at age 62 he takes a distribution from the SEPP IRA for education which, following the Benz Case logic, is also penalty-free.</p> <p>We now have two different controlling elements to determine penalty-free status of the distributions. Age 59 1/2 is the controlling element for the Non-SEPP IRA, and the 5 years of distributions, not age 59 1/2, is the controlling element for the SEPP IRA. Of course if the SEPP IRA were started at age 51 and a distribution was made at age 55, then age 59 1/2 would control since the 5 year requirement would be satisfied first.</p> <p>Thoughts?</p> <p>Jim</p>
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