72T Help

[crazy connie]

Then that should be a NO-BRAINER. Hopefully you will prevail. Thanks for the update and let us know once it is a done deal.

[limpid lizard]

After 12 days of stalling, I told the bank to bugger off. They would not, could not give me an answer either way. At about the 10 day mark, the seller offered to carry the mortgage, and when I had his signature, I called the bank and cancelled.

I had heard of someone else locally that was in the same situation as I. The same bank approved his loan, and then backed out one day before closing. So, before telling them to bugger off, I asked if should be approved, would they be bound to make the loan if my situation did not change. They said no.

[CyclingInvestor]

Sorry I did not reply earlier, just got back from a 23 day vacation in Alaska.

My IRAs are with Schwab. I did not "set up a 72t plan". I just file an IRA withdrawal form each year with Schwab that says "transfer $XXXXX.XX to my non-IRA account and check box 2". As long as $XXXXX.XX is the correct amount for that year to qualify under 72t, I do not have to pay all the penalties on it. I trust my little spreadsheet to tell me how much to withdraw. The only Fed interaction is on my estimated taxes 4 times a year.