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****** Scenario 1: Substantially Equal Periodic Payments (SEPP) ...

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Accounting

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Scenario 1: Substantially Equal Periodic Payments (SEPP)
Michael retired at age 53 and began taking distributions from his Traditional IRA using the SEPP exception (72(t) calculations). His annual distribution is $35,000.
Wages: $15,000
Interest and Dividend Income: $800
Itemized Deductions: $12,000
Allowable deduction for self-employment tax: None
Calculate:
The portion of the distribution subject to the 10% early withdrawal penalty.
AGI, Taxable Income, and Total Tax Liability.

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